Meme Coin Alien Shiba Inu Rallied Over 500% In A Day
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.
According to CoinMarketCap, a market research agency, the crypto was trading at an all-time low on January 8 at $0.0003603 (roughly Rs. 0.027). Hours later, it had registered a stupendous growth of more than 500 percent to touch $0.009869 (roughly Rs. 0.73). However, some of its gains have tapered off since.
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 Rs. 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.
Given the backdrop, Alien Shiba Inu's incredible rise has surprised many. Experts advise caution for those thinking of joining the bandwagon to make quick money, pointing out there's little information available about this new coin.
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.
However, the coin, which was launched in November last year, is yet not available for trading on a number of exchanges. It's ranked 3,673 on CoinMarketCap.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
