The cryptocurrency market became a hot topic yet again after the former US National Security Agency (NSA) contractor and whistle-blower Edward Snowden cautioned about investing in cryptocurrency Shiba Inu. Snowden’s remarks come after the cryptocurrency has witnessed record surges in its value for the past few weeks. Sharing a tweet, Snowden warned the users against investing in the /CLONE of dog money’ as he wrote-
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*.
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
The techie added another tweet following the first one where he wrote, “Also if you are mad at this tweet you probably need to reduce your position size”. Snowden’s comments about the ‘dog money’Â were targeted to Shiba Inu that has skyrocketed in terms of value, similar to its counterpart Dogecoin, as he believes that the platform would soon cause loss to the investors. While all this was happening, billionaire and crypto enthusiast Elon Musk also chimed in the discussion and was apparently pretty amused with Snowden’s views and the latter’s exchange with a journalist on the micro-blogging site.
A Twitter user had shared the screenshots of Snowden’s tweet to which Musk replied with a laughing emoji. Musk is known as a staunch crypto supporter and has proven to be pretty manipulative over the price of cryptocurrencies.
Roller coaster ride of Shiba Inu
The meme coin that was launched just last year, surged over 72.62% last week, taking its value from $0.004844 to $0.00008456. Although the number looks small, the digital currency scaled its way up to become the 11th largest cryptocurrency with a market cap of $32 billion. The record-breaking high of the token came after a Change.org petition urging crypto trading platform Robinhood to list Shiba Inu rose in popularity. The petition started by one Tristan Luke managed to receive over three lakh signatures within hours of its listing and keeps growing in popularity. Founded by an anonymous person going by the name Ryoshi, the coin has been termed as the ‘Dogecoin killer’ by several investors.
