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If you looked at the charts lately, chances are that you have noticed something strange lately. There's a meme coin that's not DOGE and it's actually ranked #9 on coingecko. The shitcoin has over $34 billion in market capitalization and it has been shilled by Elon Musk for a few times.
$34 billion is 127x teh market cap of Hive. What does SHIB in the real world aside from being a meme coin, a joke and a successor of DOGE's insane success in the crypto market?
Well, it actually does NOTHING... pretty much the same as DOGE. Both have been shilled by Elon Musk, who likes to play with people's minds and funds, but other than that, SHIB is basically an ERC-20 token that's nothing more but a reflection of a type of investors in the crypto market.
The type who get their financial advice from twitter, reddit, youtube and probably even the TV...
But, did you know that if you bought $1,000 worth of SHIB less than half a year ago and held all the way up to where we are now, you could have turned that $1,000 in $500,000?
That's how much one could have made by investing in SHIB and holding that coin for about six months... Isn't that insane? Oh yes, it is, same as the total market cap of the coin and its rank among the thousands of crypto out there.
Remember when DOGE was supposed to hit $1? I guess SHIB will probably try that too... I hope it fails though because I don't like such insane dollar valuations for shitcoins like these. Real life projects should have that insane amount of money in market capitalization, projects that actually do something in the world.
SHIB, same as DOGE, is a joke, but its success is at the same time a reflection of how insane the crypto markets are and also the potential these are offering to investors. I'm not saying we should all ape into shitcoins like these, but they're part of this world too...
I have never owned SHIB, I once owned 250,000 DOGE and it would have been great if I would have been able to HODL them till like the end of 2020, but it is what it is, I'm not that lucky...
I wouldn't touch coins like these anymore and I would definitely not buy SHIB. What about you, what do you think of it?
Thanks for attention,
