It grew by 65 million percent in a year. As an unknown cryptocurrency, it has gone crazy around the world and manipulated investors

The cryptomen market has “exploded” and in recent years is more bizarre than ever. The flood of new coins has caused small investors a euphoria that fraudsters can easily abuse in their scams. This is a perfect example cryptocurrency inspired by the Squid Game series. In this case, estimates say the fraudsters improved by about $ 3.3 million (€ 2.85 million).

With the vision of a small investment and fast, but especially large earnings, many inexperienced investors began to throw even memecoins (cryptocurrency or token created according to the popular meme of the picture, editor’s note), where the so-called “Dog” cryptomens inspired by dogecoin. While his lost glory does not return, more and more memecoins inspired by the famous dog race want to settle on the throne.

The “dog” token has fooled the world

Not so long ago, the cryptomen market experienced a huge surprise in the form of the SHIB token, or shiba inu, which became a self-proclaimed “dogecoin killer.” It was with this slogan that she also presented herself on social networks, where she has the most support, especially on Twitter.

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The origin of this token, which is built on the blockchain network ERC-20 (ethereum), dates back to August 2020, when it was to be created by one or more anonymous founders under the nickname “Ryoshi”. However, Shiba Inu did not become aware until about half a year later, when it began to squeeze into the mainstream, and later in the spring it was listed on the offer by leading stock exchanges such as Binance.

Coinmarketcap

This was the turning point for many investors that persuaded them to invest in this dogecoin derivative. Initially, it turned out that this could be a relatively advantageous investment.

Listing on Binance caused a significant jump in its price, which rose from the original $ 0.000001 to the then ATH $ 0.00003062. But the euphoria of the rapid growth and “erasure” of one zero in the line did not last long, and SHIB began to decline, consolidating for many months at $ 0.000006 to $ 0.000008.

Freepik

Another turning point came in early October, just a few weeks after listing on the largest cryptomen exchange, Coinbase. Due to growing popularity and availability, SHIB literally fired from the original amount to $ 0.000030 and attacked the last record. However, it was not until the end of last month that the shiba inu fired at $ 0.00008.

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It is this border that has become the new “all time high” and remains undefeated. At that time, SHIB also beat the famous dogecoin in terms of market capitalization and was among the TOP 10 largest cryptocurrencies. The strong growth was due to the rising popularity of the token, its rapid rise in price and the vision of euphoric investors who wanted to get rich quick.

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