Snowden, the ex-National Security Agency whistle-blower, has joined the choir of opponents who have voiced concerns about Shiba Inu. Recently, the former National Security Agency expert warned his followers about putting their hard-earned cash into something like a “copy of dog currency,” as he put it.
“I write this with love: if you were persuaded into swapping your hard-earned assets for this newer dog coin since a meme promised you would become wealthy, kindly carefully examine your chances of outwitting a system that sold you its interest in *not even dog currency, but a copy of dog money*. -Edward Snowden (@Snowden) on October 31, 2021, on Twitter
As a result, he thinks that the chances of outwitting the market are extremely slim. After that, he urged people who disagree with his caution to take advantage of the situation by profiting from it.
Don’t Put Your Entire Portfolio On The Line For Dog Coins
With its incredible profits, the “Dogecoin killer” has received a tremendous amount of attention. This month, the quirky cryptocurrency has gained more than 826% in value, making it one of the top ten most valuable cryptocurrencies in terms of market capitalization. Recently, Shiba Inu was granted the prestigious title of “Largest Meme Coin on the Market,” putting Dogecoin’s reign as the most popular meme coin to the test.
When challenged by a part of the community, Snowden stated that he had no objections to individuals purchasing “trash” on the internet. He is anxious, however, about individuals who might be persuaded into “leasing the farm” to purchase Shiba Inu. Snowden’s remarks on Sunday are similar to those made by Elon Musk, the CEO of Tesla. The Tycon, who is credited with instigating the canine coin craze, recently tweeted that he had purchased some cryptocurrency out of curiosity, inviting his fans to place their bets on the volatile asset class.
New Believers Are Being Sucked In
Incredibly, the account of a man who turned $8,000 worth of Shiba Inus into $5.7 billion has indeed been extensively covered by mainstream news outlets all over the world. Critics, on the other hand, suggest that the surge may not be sustained because of the coin’s massive worth, using the greater fool principle as justification. According to the most recent data, Shiba Inu and Dogecoin are currently priced higher than 388 firms in the S&P 500 index.
Recently, Galaxy Digital Head Mike Novogratz made a comparison between Shiba Inu and electric vehicle manufacturer Tesla, arguing that both are pushed by groups that are “drawing new devotees.”
“Tesla = GameStop = Amc = Cardano = Shiba. The price is rising as people are buying. We’ve become unanchored from our original reality and are being propelled forward by groups that are continually absorbing new disciples.” -The Twitter account of Mike Novogratz (@novogratz) Oct 30, 2021. The Shiba Inu craze has spread to other Dogecoin derivatives, with Dogelon Mars, a Dogecoin fork, seeing a 270% increase in value over the previous week.
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