Memecoin Either Fake Or Real But Are Making People Rich Overnight.

Memecoin Either Fake Or Real But Are Making People Rich Overnight.

2021-11-02 | Mike Hallen

Memecoin Either Fake Or Real But Are Making People Rich Overnight.

Vinod Kumar, 36, who works for a private equity business in Bengaluru, has seen his "Memecoin risk portfolio" investment in the Shiba Inu coin increase four times in the last two days. Kumar had invested in the memecoin digital currency twice, once when it was  Rs 0.001215 and again a few weeks ago when it was at Rs 0.002039. Shiba Inu was trading at roughly Rs 0.005848 on a crypto market on Saturday after rushing during the previous two days. Many investors, both globally and in India, have seen their risk portfolios increase as a result of a meme - a cryptocurrency - that rose 70% on Wednesday and 40% on Thursday, according to the exchange. "Nearly 35,000 users recently bought Shiba Inus, resulting in a 385 percent rise in Shiba Inu investors. Furthermore, the Shiba Inu INR markets' trading volume surged by 5 times "Chief executive officer Shivam Thakral noted on the cryptocurrency exchange BuyUcoin. Since the commencement of the current meeting, BuyUcoin customers have invested $ 58 million in Shiba Inu. According to industry observers, trading rates are established at roughly $ 600 million across all Indian marketplaces. Unlike in the past, when Indians would only start buying when international circles ended, top traders told ET that many Indians continued to buy bitcoin throughout September and October. Meme coins, like Dogecoin, are frequently promoted as a joke on social media. Shiba Inu has grown in popularity to become one of the world's most popular crypto-assets. "If memecoin currencies and altcoins continue to deliver high earnings, they can win investors' interest," said Jay Hao, CEO of cryptocurrency exchange "At the same time, consumers should exercise extreme prudence when investing in such cryptos," he warned, "never placing all of their eggs in one basket and regularly diversifying their portfolio across other crypto assets." "Thanks to a recent increase, Shiba Inu has eclipsed Bitcoin as the world's seventh-largest cryptocurrency by market valuation. We've seen a 5x increase in Shiba Inu trade at OKEx since the price spike began." According to sources close to the negotiations, the Indians continued to buy Shiba Inus on Friday. Trading data suggests that most successful investors, such as Kumar, are not cutting back on their investments but rather increasing them in the hopes of further gain. "I'm going to keep holdings for a long time," Kumar stated following the meme coin jump, though he didn't reveal the actual value of his "risk portfolio" to ET. WazirX services were temporarily affected on Thursday due to a deluge of orders, like Bitcoin, Etherum, Solana, and Cardano showed heightened volatility and demand for Shiba Inu on Wednesday. The trade volume reached a new high of $ 566 million, according to the exchange. According to data provided by Indian cryptocurrency trading, approximately 15 million investors in India own digital assets worth R15,000 crore. In the last several months, all major cryptocurrency transactions have seen at least a twofold increase in trade and investment.

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