Vitalik Buterin has 500 Trillion Shiba Inu (SHIB).
(Article updated on 13.05.2017)
The cryptocurrency Shiba Inu (SHIB), which is inspired by Dogecoin, has soared more than 600% this week and 50% in the last 24 hours. Despite the rise, the token has no solid foundations and is cited by experts as a scam.
In the last thirty days, the token has appreciated by more than 23,000%, as a result, the digital currency that was created to take advantage of Dogecoin’s high popularity has become the 33rd largest cryptocurrency in the world in terms of total market value – which is scary it’s worrying.
The rise in digital currency obviously overshadows Dogecoin’s growth, as many people simply get confused and buy the wrong token.
Without an original design, solid fundamentals, or the correct use case, the fate of most of these currencies is to drop to zero, leaving all its investors at a loss.
Shiba Inu (SHIB)
The coin’s website says it was designed to have trillions of tokens, which underscores its massive offering. There is also a decentralized brokerage called Shiba Swap that has not yet been launched but has not stopped people from rushing to invest in the token.
The digital currency rose by 500% in one day and reached the 26th position of the market, if it continues to rise, it may soon enter the list of 20 largest.
It is important to remember, however, that like Dogecoin, the one from Shiba has no use beyond the speculative aspect. Unlike DOGE, however, the new currency is not acclaimed by Elon Musk.
In addition, Dogecoin was created as a joke and ended up becoming something more serious, but SHIB was apparently created as a scam, it aims to attract money from Dogecoin investors and then disappear, at least that’s what experts say.
Vitalik Buterin has 500 Trillion SHIB
Vitalik Buterin, the creator of the Ethereum platform, the second most important cryptocurrency in the world, is the largest holder of the new meme cryptocurrency, with 505 Trillion SHIB, about $ 8 billion at the current price.
Who made the revelation was the group WAR ON RUG, which analyzed the project to discover flaws in the network or the chances of it being a scam.
Vitalik is said to have nothing to do with SHIB, he has a public portfolio and the developers of the currency simply sent him 50% of the asset’s supply.
This could be a warning, since sending coins to Vitalik could be a strategy to try to endorse the project.
In reply to whether Vitalik could be the creator of the Shib token, the group that is known for reporting scams said no.
“Why would he do that? Certainly not. There is no incentive for him to tarnish his reputation for 200 ETH ”
Is this a Coup?
For some market experts, the currency is a blow that will leave its investors at a loss.
According to a post in the Crypto Moon Shots group, which specializes in currency analysis, SHIB developers are manipulating the asset’s price to attract more and more investors.
They also claim that in the event of a fall, asset holders will not be able to sell their currencies, as there will be insufficient liquidity.
SHIB recalls the situation of ICOs at the end of 2017, where a large number of new small-cap cryptocurrencies have gained investors’ attention, sometimes for no reason.
At the time, the huge currency rises ended badly, with most of them going to zero in a short time.
Investing in a joke, unsubstantiated and solid project asset, therefore, can be considered a very high-risk investment and is not recommended.
Disclaimer: The information expressed in this article are solely those of the author and do not necessarily reflect the views of CryptoDeFinance. Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment. *with information from , criptonoticias, Twitter, google, insidersport, mclaren, tezos