Meme Coin Alien Shiba Inu Rallied Over 500per In A Day
Categories: Crypto News
Crypto trading is rife with unpredictability and volatility. But this very nature of the industry also often leads to windfalls for some investors. The new year began with great hope for big players like Bitcoin and Ethereum, but they are yet to see a rally. In fact, Bitcoin has been on a continuing downward spiral, so far, this year. However, a little-known meme coin, Alien Shiba Inu (ASHIB), surprised everyone with a sudden rise of more than 500 percent in just 24 hours on January 9. But soon, its gains evened out. The coin appears to be targeting those who missed the bull runs of popular dog-themed coins like Dogecoin and Shiba Inu last year. The rally has come at a time Bitcoin's value has been on a declining trajectory since mid-November. The world's largest crypto coin by market capitalisation started the year around $47,000 (roughly ₹ 34.74 lakh) and was now trading at $42,717 (Rs. 31.57 lakh) on Wednesday afternoon. Ethereum, too, has been losing value since the start of the year.On its website, the developers just say that they are working on “three flagship utility projects” —a collection of NFT characters for play-to-earn gaming, a decentralised exchange (DEX), and a merchandise marketplace called AlienShibaInuCrew.