Meme Coin Alien Shiba Inu Rallied Over 500% In A Day

The rally has come at a time Bitcoin’s value has been on a declining trajectory since mid-November

Meme Coin Alien Shiba Inu Rallied Over 500% In A Day

Meme coin Alien Shiba Inu surprised everybody with its sudden rally

Crypto trading is rife with unpredictability and volatility. But this very nature of the industry also often leads to windfalls for some investors. The new year began with great hope for big players like Bitcoin and Ethereum, but they are yet to see a rally. In fact, Bitcoin has been on a continuing downward spiral, so far, this year. However, a little-known meme coin, Alien Shiba Inu (ASHIB), surprised everyone with a sudden rise of more than 500 percent in just 24 hours on January 9. But soon, its gains evened out. The coin appears to be targeting those who missed the bull runs of popular dog-themed coins like Dogecoin and Shiba Inu last year.

According to CoinMarketCap, a market research agency, the crypto was trading at an all-time low on January 8 at $0.0003603 (roughly Rs. 0.027). Hours later, it had registered a stupendous growth of more than 500 percent to touch $0.009869 (roughly Rs. 0.73). However, some of its gains have tapered off since.

The rally has come at a time Bitcoin's value has been on a declining trajectory since mid-November. The world's largest crypto coin by market capitalisation started the year around $47,000 (roughly Rs. 34.74 lakh) and was now trading at $42,717 (Rs. 31.57 lakh) on Wednesday afternoon. Ethereum, too, has been losing value since the start of the year.

Given the backdrop, Alien Shiba Inu's incredible rise has surprised many. Experts advise caution for those thinking of joining the bandwagon to make quick money, pointing out there's little information available about this new coin.

On its website, the developers just say that they are working on “three flagship utility projects” —a collection of NFT characters for play-to-earn gaming, a decentralised exchange (DEX), and a merchandise marketplace called AlienShibaInuCrew.

However, the coin, which was launched in November last year, is yet not available for trading on a number of exchanges. It's ranked 3,673 on CoinMarketCap.

.