A new meme coin seems to have taken the crypto world by storm. Alien Shiba Inu (ASHIB), apparently inspired by Shiba Inu, witnessed a massive 1,344 percent growth in value over the last week.

While new crypto assets often gain massive popularity overnight, many of them turn out to be Ponzi schemes in which investors have lost a significant amount of money.

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Unpredictability and volatility are inevitable parts of cryptocurrency trading. Big players like Bitcoin and Ethereum started the new year with high hopes, but they have yet to see growth. Bitcoin has also witnessed a downward trend since the start of this year.

While there are no direct red flags that indicate Alien Shiba Inu is a scam, there is also very little information available on the coin and the projects that the Alien Shiba Inu community would be concentrating on in near future.

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It is also worth mentioning that the coin's rapid growth in value has slowed significantly in the last two days.

According to CoinGecko, the value of Alien Shiba Inu rose by 500 percent in a single day on January 9 after the cryptocurrency was trading at a historic low, before unexpectedly soaring.

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Many people have been amazed by Alien Shiba Inu's meteoric growth. Experts have warned those contemplating jumping on the bandwagon to make a fast buck to move with caution, pointing out that there is less information available about this new coin.

The developers of this coin simply mention on their website that they are functioning on "three flagship utility projects": A collection of NFT characters for play-to-earn gaming, a decentralised exchange (DEX), and AlienShibaInuCrew, a merchandise marketplace.

The coin, however, is still unavailable for trading on a number of exchanges, despite its November launch. On CoinMarketCap, it is ranked at number 3,673.

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(Edited by : Shoma Bhattacharjee)

First Published:Jan 14, 2022 8:37 PM IST