Alien Shiba Inu (ASHIB), a new meme coin which appears to have taken crypto investors by storm is one that sounds heavily inspired by Shiba Inu. The relatively unknown crypto token has seen a whopping 1,344 percent rise in value over the past week. While there have been cases of new crypto assets booming into popularity from the get-go, quite a few of them have turned out to be ponzi schemes that investors have lost thousands of dollars on.
While Alien Shiba Inu is extremely new as a crypto token, there aren’t any immediate red flags to suggest a scam here, but there’s also very little literature available on the coin and little to go on the kind of projects that the Alien Shiba Inu community would be focussing on in the future. It is also worth noting that the coin’s sharp rise in value has cooled off a fair bit over the past 48 hours.
As per CoinGecko, Alien Shiba Inu’s value saw a 500 percent rise in a single day on January 9 after the cryptocurrency was trading at a record low, before suddenly skyrocketing in value. Profits have since gradually declined, but at the time of publishing, we’re still looking at a rise of more than 1300 percent over the past seven days.
Alien Shiba Inu’s website claims that the developers are working on “three flagship utility projects.” This is a collection of non-fungible token (NFT) characters for play-to-ear games, a decentralised exchange (DEX), and a commodity marketplace called AlienShibaInuCrew. However, the coin was released only last November and cannot be traded on too many exchanges yet. With a market capitalisation of $574,803 (roughly Rs. 4.2 crore), the coin currently ranks 3,673 on CoinMarketCap.
The last time we saw a new cryptocurrency skyrocket in a similar way, things hadn’t turned out well for those who thought they were ahead of the curve. Back in November 2021, the SQUID cryptocurrency, inspired by the popular Netflix series Squid Game, raised scam suspicions after its value dipped by 99.99 percent and its website went defunct. The trading value of this Squid token soared by 600 percent in a single day, soon after which its anonymous creator(s) vanished with around $3.3 million (roughly Rs. 22 crore).
The rather shocking development came at a time when Binance, the largest crypto exchange in the world, had initiated an inquiry into the SQUID token that witnessed multi-fold growth in a span of days. The gaming altcoin was created on the Binance Smart Chain.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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