Shiba Inu price: Michael Burry in huge swipe at cryptocurrency despite 230% surge | World | News


The investor is well known for being the first to foresee the subprime mortgage crisis in the US between 2007 and 2010. As of writing on October 12, Shiba Inu is worth £0.00002062, a spike of 24,781,810.40 percent in a year.

Mr Burry noted the cryptocurrency’s spike in value, with the coin rising 235 percent in a week.

However, the investor also noted Shiba Inu has one quadrillion tokens on the market, making its spike in value “pointless”.

He said: “Just saying, one quadrillion seconds is about 32 million years.

“One quadrillion days is 2.7 trillion years, or all of time, from the beginning of the universe, multiplied by 71,000.

“In other words, pointless.”

Throughout 2021, Mr Burry has been warning investors about cryptocurrencies.

In March, as Bitcoin’s price was surging to record highs, he cautioned the digital currency was unsustainable and added buyers have taken on dangerous amounts of debt.

He said in a deleted Twitter post: “$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history.

“If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

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He also compared cryptocurrencies, as well as “meme stocks” like GameStop and AMC, to the housing and dot-com bubbles in the Nineties.

He said: “Fads today (#BTC, #EV, SAAS #memestocks) are like housing in 2007 and fiber/.com/comm/routers in 1999.”

While the buzz around the investments aren’t unfounded, Mr Burry doesn’t expect it to last.

He added: “On the whole, not wrong, just driven by speculative fervor to insane heights from which the fall will be dramatic and painful.”

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Tesla founder Elon Musk has been credited in part for the rise in value for Shiba Inu.

On October 7, Mr Musk wrote “Floki Frunkpuppy” on Twitter, accompanied by a picture of his new Shiba Inu puppy, named Floki.

This sparked a trending surge in Shiba Inu, with prices of the coin rising by 40 percent just hours after Mr Musk’s post.

David Hsiao, CEO of crypto magazine Block Journal told Fortune: “The surge in SHIB (Shiba Inu coin) was most definitely kicked off by Musk’s tweet.

“Mundane actions like the tweet can be overly interpreted by the crypto community, and the response can be pretty wild.”

Garrick Hilleman, head of research at Blockchain.com and a visiting fellow at the London School of Economics, also told The New York Post traders should be wary of “meme coins” like

Shiba Inu and Flokinomics that are boosted by online hype and celebrities.

He said: “The risk on these meme coins is quite high.

“There’s a real risk that if the celebrity endorser loses interest or the meme-ability gets out-memed by another coin, you’re in trouble.”





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