Anthony Pompliano has labeled Shiba Inu (SHIB) ‘dog poo poo’ in a blistering attack on the memecoin.
The price of the dogcoin has rocketed by 85,588,226% this year, but Pompliano remains resolutely unimpressed. The opinionated entrepreneur confirmed that he won’t be putting any money into the coin during ‘The Best Business Show’ podcast on October 28th.
Pompliano’s statement came following a tweet by the business news site Morning Brew which revealed that one investor had transformed an initial $8,000 SHIB investment into $5.7 billion in the space of just 400 days. Morning Brew seems to have attracted Pompliano’s ire by labeling it ‘the greatest individual trade of all time’.
“There is absolutely ZERO reason why somebody should be owning Shiba Inu other than it may go up because other people are going to buy it,” Pompliano said. “There’s no development activity, there’s no value underlying it… this is dog poo poo!
“Yes, somebody bought $8,000 and turned it into $5.7 billion, but if you tried to go sell that $5.7 billion of Shiba Inu what would happen is that the price would crash so drastically that I would question whether you could get a billion out.”
Pompliano went on to compare memecoin trading to gambling, placing everything on red or black at the roulette wheel, or playing blackjack and calling hit until you win or go bust. As for the idea of placing $1,000 in every upcoming dogcoin project and hoping to strike gold, he was quite blunt in his analysis.
“This is not an investment strategy,” he said.
Confusing prices, for everyone
Dogcoin trading may baffle the less degenerate parts of the cryptosphere, but the last 48 hours have witnessed growing confusion among dogcoin owners themselves. A problem on the price data site CoinMarketCap is currently wrong-footing hodlers of Shiba Inu (SHIB), while Baby Floki Billionaire (BABYFB) is also displaying glitched price activity.
In the case of Shiba Inu, the CoinMarketCap glitch is causing the circulating supply of SHIB to be inflated by 200 trillion, theoretically depressing the price of the token, and angering the Shiba Inu community. Information shared by the Shiba Inu team confirms that CoinMarketCap is attributing the problem to an infrastructure migration currently being conducted by their engineering team.
While Shiba Inu hodlers are ruing one glitch, another is inflating the price of Baby Floki Billionaire to incredible new heights. The price of the token is a mere $0.000000004580 according to CoinGecko, but BscScan is displaying the token at the much higher value of $5.92.
While the glitch may appear to have made millionaires out of Baby Floki Billionaire hodlers in the blink of an eye, it’s a case of good news/bad news for the newly enriched, as buyers for the price-inflated tokens are nowhere to be found. The dogcoin market may be ruled by greater fool theory, but it seems there are no crypto owners rabid enough to bite at prices like these.
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