“Big Short” famed Michael Burry says Shiba Inu (SHIB) is ‘pointless’

CryptoSlate

Shiba Inu continues to buck this week’s alt market downtrend, further suggesting meme coin investors have switched their focus away from Dogecoin.

Since the start of October, when SHIB began taking off, the Dogecoin clone has posted 280% gains. Its unreal run of form, combined with meme coin status, has led some purists, including Ran Neuner, to say now is a solid shorting opportunity.

How To Get Free Crypto  

More recently, investor and former hedge fund manager Michael Burry joined in with the criticism by calling Shiba Inu “pointless.”

However, the Shib Army remains unfazed, with one Twitter user (named $SHIB KNIGHT) remaining steadfast in his calls for a $0.01 $SHIB. To put some perspective on matters, Shiba Inu would need a 34,000% increase for that to happen.

While stranger things have happened in crypto, based on the current circulating supply, a $0.01 token value would mean a $4 trillion market cap for $SHIB – a huge ask if ever there was one.

What did Burry say about Shiba Inu?

Coinbase added Shiba Inu in mid-September. While the announcement did not explicitly say this was due to customer demand, it implied this by referring to its listing process in the post.

Coinbase Banner  

“One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies.”

$SHIB spiked 36% on the day of listing, followed by a two-week downturn until the start of October. From there, Shiba Inu spiked hard, blasting through $0.00000914 resistance on October 4.

Nonetheless, Burry rejects Shiba Inu on the grounds of its high total supply, which is set at one quadrillion (1,000,000,000,000,000) tokens. This, he suggests, makes $SHIB a poor investment choice, given the effect of abundant supply on price appreciation.

“Just saying, one quadrillion seconds is about 32 million years. One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless.”

Haters gonna hate

While critics a quick to dismiss Shiba Inu, it’s worth remembering Dogecoin faced similar calls earlier this year.

At its peak in May, the Dogecoin market cap was close to $90 billion, making it more valuable than the likes of Dell, General Motors, and British American Tobacco, much to the annoyance of the purists.

They struggled to wrap their heads around how a fundamentally weak project could hit 15,000% gains over a five-month period.

FreeBitcoin Banner  

Although it’s unlikely Shiba Inu will “do a Dogecoin,” who’s brave enough to say markets are always rational?

Ad: Up to 20x margin on FTX.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

‘Dogenations’ campaign wants to raise Shiba Inu-inspired Dogecoin for homeless animals

PAWS Chicago, a non-profit animal shelter organization dedicated to building no-kill animal communities, recently launched “Dogenations” and started accepting Dogecoin (DOGE),  Bitcoin (BTC), Ethereum (ETH), and 36 other cryptocurrencies for donations.

2 min read →

Binance lists ‘Dogecoin killer’ Shiba Inu (SHIB) and its perpetual futures

Cryptocurrency exchange Binance quickly jumped on the sudden Shiba Inu (SHIB) bandwagon today, listing the much-hyped canine token in the “Innovation Zone” and adding the corresponding perpetual contracts to its futures platform.

2 min read →

$1.7 billion liquidated as crypto markets dumps after ‘petcoin’ frenzy

Over $1.74 billion worth of cryptocurrencies were ‘liquidated’ yesterday as the market saw a deep pullback, data from multiple sources shows.

2 min read →

Go to Source
Author: Samuel Wan


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.