Behind the skyrocketing Shiba Inu coin: young people only want to follow Musk “speculate small speculation poor”?

The stranger the name, the better the sale?

Behind the skyrocketing Shiba Inu coin: young people only want to follow Musk "speculate small speculation poor"?

The company’s main business is to provide a wide range of products and services. In the most popular language of the rice circle, it is the “absolute son” of the current cottage coin.

This less than one year old virtual coin, because of Musk’s nonsense, is staging a crazy reversal and harvesting.

In the celebrity halo effect, from a non-mainstream cottage coin to the first in the coin circle, Shiba Inu coin only took about two days, and what is more exaggerated is that at 17:00 on May 10, 2021, Shiba Inu coin (SHIB) landed on the Coinan exchange, and only ten minutes after it went online, the exchange announced the suspension of all withdrawals due to traffic overload, and only at 17:34 did it announce the resumption of withdrawals.

The hotness of SHIB is evident.

As of 9:00 on May 11, Chai coin rose over 130% in 24 hours, up 1,686 times in the last three months, and up a total of 337099 times since its inception.

At the moment, bitcoin stagnation, but cottage coins but why the chickens rise to the sky? How did “small speculation” become the consensus of young people in the cryptocurrency world? After the hype, can the future of cottage coins escape the chicken feathers?

The unheard of coins: the stranger the name, the more people buy
“I finally realized why Warren Buffett hates Bitcoin.” So says blockchain developer Wu Fengling.

On November 27, 2020, Wu Fengling made a judgment to Zinc Scale: once the bitcoin price breaks through the historical high of $19,875 set on December 17, 2017, it will open up the upside and the cryptocurrency circle will inevitably boil over thus generating a spillover effect, when newcomers flock to it or will step through the threshold of the cryptocurrency circle.

“As long as you put making money first in your life, you will come sooner or later when you smell the blood.” Wu Fengling’s initial judgment was fulfilled, but never thought that the best rise is not bitcoin, but the respective unheard of cottage coins, “people came, but the sedan chair people are missing.”

This is not good news for Wu Fengling, who has a long position in bitcoin. In the context of the long wave, Wu Fengling unabashedly despises cottage coins, which finally resonates with Warren Buffett.

In fact, “speculation small speculation poor” has become the wealth code of the cryptocurrency circle.

For example, the new coin TKO, which was launched on April 7, 2021, is quite popular due to its small market value, rising more than 31 times in just one month, although the market value is less than 2.3 billion yuan.

In this regard, Song Hui, who is studying in his first year of college, deeply agreed.

Song Hui, who is studying at a university in Guangzhou, never thought he would one day be associated with the cryptocurrency circle until his classmates made money from coin speculation and invited him to dinner.

Because of the high price of bitcoin, coupled with the fact that most of the time after the pulse is in a small range of shock, Song Hui can not be interested, more favor the “cheerful” cottage coin.

“Just put in $200, big deal, two or three less KFC meals.” At this time, Song Hui seems to have opened the door to a new world, “Shiba Inu coin, space dog, Akita coin, husky coin, teddy coin, fox coin, piggy coin, turtle coin, shark coin …… is simply a zoo well!”

Not daring to chase high, he chose to take a heavy position in the lower-priced Shiba Inu coin, piggy coin, etc., but did not expect to hit the right spot.

On May 7, Tesla independent director Hirodo Mizuno said, “Investors can trade Shiba Inu coins on a short term basis, but don’t treat your own Shiba Inu pet dog like this.”

Musk subtly responded, “I’m looking for a Shiba Inu.”

Shiba Inu coin rose sharply in response to the wind and became the most beautiful pup in the cryptocurrency world, causing Song Hui’s total coin speculation earnings to skyrocket and becoming the largest source of profit.

Song Hui’s biggest profit is the Shiba Inu coin

“Now it’s good, the game does not want to play, also do not want to krypton, mother in the future no longer have to read me.” Song Hui said the first thing to open the phone is to see how the market is, always thinking about the other tasteless.

This shows that young people are not willing to comply with the old order of virtual currency, eager to redefine the coin circle, brave to try a thousand strange cottage coins, become this wave of “fried small fried poor” force.

The “post-95s” are going to flip the market with air coins full of leek flavor?
The same is not true for Song Hui, Ding Meng Yuan played a bigger game.

As a “post-95”, Ding Meng Yuan entered the workplace and not long, not much savings in hand, all invested in a star fund, never thought that after the Spring Festival, the fund suffered two days of ice and fire, while the virtual currency market is increasingly hot, in the infection of netizens, so redeemed the fund to the coin circle.

“The main reason for this is that there is not much money in the coin market, otherwise it wouldn’t all be invested in it.” The actual fact is that you can find a lot of people who are not able to get a lot of money from the internet.

After tasting the sweetness, Ding Meng Yuan does not even exclude air coins.

The so-called air coin is a white paper consisting mainly of project plans, no technical details or even no code, with price fluctuations as the only criteria, and thus light on technology and heavy on marketing, full of leek flavor.

For example, Tashi Coin claims to be a blockchain project developed by Tashi Russia Lab, with a team composed of top talents, intending to be the “Alipay” of the blockchain era, yet only a few lines of code have been made public, and it relies heavily on propaganda.

“Musk has admitted that Dogcoin is a scam, so are the others not?” Ding Meng Yuan believes that the scam is only big or small, to play the big one.

The problem is that virtual currencies are in the “wind” and investors have a wide range of options, including dog coins and doggy coins, which are popular coins.

In order to attract investors air coins deliberately do the game to create a unilateral upward atmosphere, mixed in which you can fish in the water.

In fact, the three air coins that Ding Meng Yuan played with had quite amazing short-term gains.

Nevertheless, Ding Meng Yuan still has concerns, fearing that at any time by the black hand behind the leek cut, “sold afraid to continue to rise, not sold and afraid to run slow, tangled!”

Ding Meng Yuan played the high-risk coins

Ding Meng Yuan’s tangle is justified, there is no shortage of cases of collapse in history.

For example, the famous “Shell International” is a typical air coin trading platform, independently issued SC, BK and other air coins, using the gimmick of only rising but not falling to fool investors, and eventually collapsed with 2019, according to data from the Chinese magistrate’s website, a number of cadres were sentenced to prison terms and recovered 760 million stolen money.

An industry insider told Zinc Scale that the original intention of cottage coins is to circulate and seek consensus value-added, while the original intention of air coins is to cut leeks, cheating one to count one sooner or later.

“The company’s main goal is to provide the best possible service to its customers. The above-mentioned industry insiders said.

The “small speculation” wind is big: after the wind stops, it is difficult to escape a chicken feather
The wave of coins “speculation small speculation poor” market, how long can last? At present, two views are seriously divided.

One view is that the market may be difficult to top.

The bitcoin bull market in 2017 was dominated by retail investors, despite the presence of major predators, with retail investors accounting for 99.9% of global bitcoin trading volume in 2016.

In this context, bitcoin and cryptocurrency prices have been flying high, and more importantly, bitcoin has been standing in the C-suite since the beginning, and no one can shake it.

However, this time the market is a bit different.

In the middle and early stages, despite the price of bitcoin approaching its 2017 all-time high, most cottage coin prices were lukewarm, and some were even motionless.

The reason for this is that this wave of bitcoin bull market is mainly dominated by the US Wall Street forces, with an obvious main direction of attack and upward axis, and its playing method is similar to the domestic fund holding pattern: institutions push up bitcoin prices → investors profit a lot → more investors admire → continue to buy buy buy buy → bitcoin prices continue to go higher.

Since mid-February 2021, bitcoin has oscillated within a box of $40,000 to $60,000, with the center of gravity falling above $55,000. Although there have been occasional pulses of the market, it has been unable to reverse the trend of stagnation.

This means that the logic of bitcoin’s rise has been broken.

The overflow of funds naturally flocked to the relatively low cottage coin, and the demand for a fill-in, coupled with Musk’s shouting for the cottage coin, eventually ignited the “small speculation” market.

The actual coin

A private equity source told Zinc Scale, “This is like a spring, the tighter the pressure the higher the rebound, until the overall level of increase and bitcoin pulled together, there is still a certain gap.”

Another view is that the market could collapse at any time.

Cottage coins are not comparable to bitcoin. Anyone can issue coins on the ethereum platform, and the process of issuing coins is foolproof, so there is no shortage of cottage coins in the market at all, and there is no scarcity to speak of.

In addition to scarcity, the rules are also criticized for being changeable.

For example, the initial cap of 100 billion dog coins was set, but the rules were later modified to turn it into a coin with a variable total amount and unlimited issuance.

In this way, the sustainability of cottage coins is questionable.

In this regard, Cheng Zhipeng, head of the Firecoin Research Society, said in a media interview, “The factors supporting the surge of dogcoin are Musk’s shouting orders and high market sentiment, and these factors do not always support the surge of dogcoin.”

In reality, neither bitcoin nor cottage coins have intrinsic value.

Bank of England Governor Andrew Bailey recently went on record saying, “I’m sorry to say, again, very bluntly, that you should only buy them when you’re prepared to lose all your money.”

From this perspective, the “speculation on small and poor” in the cryptocurrency circle is bound to go the same way as the “speculation on small and poor” in the history of A-shares, and will end with a chicken feather after the wind stops.

At that time, the cryptocurrency circle will be full of woes again.

(At the request of the interviewer, Wu Fengling, Song Hui and Ding Meng Yuan are pseudonyms)

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/behind-the-skyrocketing-shiba-inu-coin-young-people-only-want-to-follow-musk-speculate-small-speculation-poor/
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