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Shiba Inu (SHIB/USD) was the talk of the crypto community during the entire month of October, following explosive gains of over 1000%. The meme coin’s yearly gains are at a staggering 100,000,000%, but this does not seem to impress the infamous whistleblower, Edward Snowden.
Snowden shed a negative light on Shiba Inu, stating that it could cause massive losses for investors. In a tweet, he stated that Shiba Inu was a “clone of dog money”, making it a high-risk investment.
i say this with love:
if you got talked into exchanging your hard-earned savings for some new dog money because a meme said you’d get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*
— Edward Snowden (@Snowden) October 31, 2021
Snowden bashes SHIB
“I say this with love: if you got talked into exchanging your hard-earned savings for some new dog money because a meme said you’d get rich, please carefully consider your odds of outsmarting a market that sold you its stake in not even dog money but a CLONE of dog money,” He tweeted.
Snowden further referred to Shiba Inu as a “garbage” coin. He stated that it was okay for people to purchase any “garbage” they wanted, but they should ensure that their emotions are not manipulated into mortgaging their farm to in the token. He added that it was okay for people to invest “happy meals on lottery tickets on Shiba Inu, but not their rent money.
Despite the Snowden bashing, Shiba Inu remains to be a top gainer in 2021. While many believe that it has no fundamentals and lacks utility, it has received overwhelming support from the cryptocurrency community, and consequently, it has become the largest meme coin after surpassing Dogecoin by market capitalization.
Snowden is a “Bitcoin Maximalist”
Despite having such as harsh stand against cryptocurrencies, Snowden remains to be a major supporter of Bitcoin. However, his support for Bitcoin only started recently.
Early last month, Snowden stated that Bitcoin had achieved stability because the China ban could no longer affect it. Towards the end of September, China announced another ban on cryptocurrencies, but it rallied to new monthly highs, unlike before when the coin crashed to such news.
Snowden has also applauded Bitcoin for the immense price movements it has recorded. He applauded the coin’s rise from the levels of $4000 reported just below the pandemic hit. Bitcoin is currently trading at around $61,000, a level it has maintained in the past few days.
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