High levels of unpredictability and volatility characterize cryptocurrency trading. However, the sheer structure of the sector often results in windfall profits for certain investors. The new year started with a lot of optimism for the larger players, such as Bitcoin and Ethereum, but they have yet to experience a significant increase in value. Bitcoin has been in a downward spiral for most of this year, and hence people have shifted to meme coins and often search for the latest Shiba inu news to make a quick buck.
However, the Alien Shiba Inu (ASHIB), a little-known meme currency, startled everyone with a dramatic spike of more than 500 percent in only 24 hours on January 9, surprising everyone on Shiba inu coin price. However, its gains were quickly offset by losses. The currency seems to be aimed at individuals who could not participate in the bull runs of popular dog-themed currencies such as Dogecoin and Shiba coin that occurred last year.
According to the site, according to Shiba inu coin news, a market research service, the Alien Shiba Inu was trading at an all-time low of $0.0003603 (approximately 0.027) on January 8, according to the site. However, several hours later, it had seen an incredible surge in value, rising more than 500 percent to reach $0.009869 (approximately $0.73). Since then, though, some of the benefits of the Shiba coin have begun to wane.
When Bitcoin's value has been on a downward slope since mid-November, this recovery is particularly welcome, according to Shiba inu news. The world's most valuable cryptocurrency, measured by market capitalization, began the year at almost $47,000 (nearly Rs. 34.74 lakh) and was now trading at $42,717 (roughly Rs. 31.57 lakh) on Wednesday afternoon. However, since the beginning of the year, the value of Ethereum has been declining as well.
Given the circumstances, Alien Shiba Inu's meteoric ascent has taken many by surprise. However, experts warn people to consider jumping on the cryptocurrency bandwagon to earn fast money to proceed with care, pointing out that little information is available regarding this new asset.
On their website, the developers state that they are working on "three flagship utility projects" — a collection of NFT characters for use in play-to-earn gaming, a decentralized exchange (DEX), and a merchandise marketplace called AlienShibaInuCrew — as well as a decentralized exchange (DEX).
However, the Alien Shiba Inu, first introduced in November of last year, is not yet accessible for trade on several cryptocurrency platforms, including Coinbase. On CoinMarketCap, it has a market capitalization of $3,673, according to Shiba inu coin news.