Interested in investing in Alien Shiba Inu, We are here to tell you about its recent 500 per cent rise

Unpredictability and volatility abound in cryptocurrency trading. However, the industry’s sheer nature frequently results in windfalls for some investors. The new year began with high hopes for major players like Bitcoin and Ethereum, but they have yet to rebound. In reality, Bitcoin has been on a steady downward trend all year.

However, on January 9, a little-known meme currency, Alien Shiba Inu (ASHIB), stunned everyone with a 500% increase in less than 24 hours. However, its advances quickly levelled out. The coin looks to be aimed at individuals who missed out on last year’s bullrushes of popular dog-themed currencies such as Dogecoin and Shiba Inu.

The cryptocurrency hit an all-time low on January 8 at $0.0003603 (approximately 0.027), according to CoinMarketCap, a market analysis firm. After a few hours, it had risen by more than 500 per cent to $0.009869 (about 0.73). Nonetheless, some of its advances have recently levelled off.

The rise comes at a time when Bitcoin’s value has been dropping since mid-November. On Wednesday afternoon, the world’s largest cryptocurrency by market capitalization was trading at $42,717 (Rs. 31.57 lakh), down from $47,000 (approximately 34.74 lakh) at the start of the year. Since the beginning of the year, Ethereum has also been losing value.

Given the circumstances, Alien Shiba Inu’s meteoric rise has taken many by surprise. Experts warn people to consider jumping on the bandwagon to earn quick money to proceed with care, pointing out that there is little information available regarding this new coin.

On its website, the creators only declare that they are working on “three flagship utility projects” —a collection of NFT characters for play-to-earn games, a decentralized exchange (DEX), and a retail shop called AlienShibaInuCrew.