Alien Shiba Inu Saw A 500% Rally In Less Than 24 Hours, Only To Fizzle Out Some Time Later

While the big leaguers were still fighting the bearish market sentiment that took over the crypto marketspace by storm just a while ago, a select few investors grabbed onto windfall gains by investing in lesser known cryptocurrencies like BabyDoge and Alien Shiba Inu. Needless to say, 2022 may have started with big hopes for Bitcoin and Ethereum, but the crypto market has once again laid its unpredictability bare, as these two tokens have yet to see a rally for this year.

But on January 9 2022, Alien Shiba Inu (ASHIB), a lesser known, Shiba Inu inspired memecoin, startled the crypto crowd with over 500% growth in less than 24 hours. Nonetheless, its gains evened out soon after. It’s worth noting that like BabyDoge and Floki, this memecoin is developed to target those who were a step too late in profiting from the bulls runs of the famed dog-themed currencies: Dogecoin and Shiba Inu.

According to CoinMarketCap (as reported by NDTV), the digital currency was trading at an all-time low on January 8 at $0.0003603; but just hours later, it had registered a stupendous growth of more than 500 percent to touch $0.009869. However, as mentioned before, its profits have receded since.

Should We Invest In This Token?

Whist there are no immediate warning signs suggesting any scams for this project, there is also little to go on their background information as well as future plans for the community, swaying experts to advise caution for those wanting to make a quick buck through Alien Shiba Inu. Their official website avouches “three flagship utility projects.”

These three projects are a collection of NFT characters for play-to-earn gaming, a decentralised exchange (DEX), and a merchandise marketplace called AlienShibaInuCrew, NDTV remarks. As Gadgets360 reports, we should bear in mind that ASHIB was trading at a record low before skyrocketing and the gains may have gone down since, but at the time of publishing, we’re still looking at a rise of more than 1250 percent over the past seven days.

Still ranking at 3313 on CoinMarketCap, the cryptocurrency had launched not that long ago, i.e., in November last year, and is currently not yet listed on a number of big name crypto exchanges.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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