Elon Musk’s recent SNL appearance prompted Dogecoin, his cryptocurrency of choice, to free fall. The token haemorrhaged nearly a third of its total value, dropping from $0.66 (£0.47) to $0.45 (£0.32) on May 9. In its wake, another coin named Shiba Inu has nearly rounded on DOGE’s $1 goal, and the two tokens share a mascot.
What is Shiba Inu coin?
Shiba Inu (SHIB) is a newer token on the market, and like DOGE, is another spoof or “meme” currency.
Both share the same mascot, a Shiba Inu dog breed, but their recent trajectories couldn’t be more different.
Elon Musk’s SNL appearance forced DOGE to plummet by 26 percent, one of its most marked decreases in recent weeks.
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People will have to take care when investing in the currency, however.
Like its rivals, Shiba Inu isn’t subject to standard regulation, making it more unstable than established coins.
Crispus Nyaga, an investor with Investingcube, wrote it is currently “hard to predict” where the coin could go.
He also warned against the presence of “pump and dump” schemes on the market.