Edward Snowden warned against investing in Shiba Inu after the cryptocurrency’s value soared to new highs in recent weeks.
The cryptocurrency market became a hot topic yet again after the former US National Security Agency (NSA) contractor and whistle-blower Edward Snowden cautioned about investing in cryptocurrency Shiba Inu. Snowden’s remarks come after the cryptocurrency has witnessed record surges in its value for the past few weeks. Sharing a tweet, Snowden warned the users against investing in the /CLONE of dog money’ as he wrote- I say this with love: if you got talked into exchanging your hard-earned savings for some new dog money because a meme said you’d get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*.
“Also if you are mad at this tweet you probably need to reduce your position size”, the technician added in a second tweet after the first. Snowden’s remarks about ‘dog money’ were directed at Shiba Inu, which has surged in value, much like its competitor Dogecoin, since he believes the platform would soon cause investors to lose money. While all of this was going on, Elon Musk, a billionaire and crypto enthusiast, jumped in on the conversation, evidently amused by Snowden’s opinions and his exchange with a journalist on the microblogging site.
Musk responded with a laughing emoji when a Twitter user provided screenshots of Snowden’s tweet. Musk is a fervent proponent of cryptocurrencies and has a history of manipulating cryptocurrency prices.
Shiba Inu’s roller coaster ride
Last week, the meme coin, which was only introduced last year, jumped 72.62 percent in value, from $0.004844 to $0.00008456. Despite its tiny size, the digital currency has grown to become the 11th largest cryptocurrency, with a market capitalization of $32 billion. After a Change.org petition urging crypto trading platform Robinhood to include Shiba Inu gained traction, the coin reached a new high. Tristan began the petition. Within hours after its publication, Luke had gathered over three lakh signatures, and his popularity continues to increase. The coin, which was created by an anonymous person known only as Ryoshi, has been dubbed the “Dogecoin killer” by several investors.