The famous whistleblower Edward Snowden has come forward to warn the investors about placing their money on any coins. Snowden is visibly skeptic about cryptocurrency and he has expressed his concerns via Twitter.
Cryptocurrency Meme has always been skeptical among professionals. Now Edward Snowden is heating the fire and warning investors not to put their money in such coins. Snowden's comments came soon after the Shiba Inu dog coin marked a record jump in the cryptocurrency market price.
The investor-led rally saw the price of the Shiba Inu surge more than 300% over a 3-day period last week. Based on the popular dog Shiba Inu, the cryptocurrency has surpassed the market cap of several major companies and dethroned Dogecoin as the most valued meme cryptocurrency.
Since then, some experts have spoken louder about the impending danger that the Shiba Inu will lose investors' money. In line is Edward Snowden, the whistleblower best known for disclosing classified information by the National Security Agency (NSA) in 2013. Now Snowden is tweeting that people should “carefully weigh” their chances of winning from rising cryptocurrencies.
In his tweet, Snowden referred to the Shiba Inu as a "dog money clone" and cited the dog-based cryptocurrency Dogecoin. He tried to explain to his followers that because of the noise, existing Shiba Inu owners might want to sell their own shares at a high profit, after which the coins could lose their value. He warned investors to think carefully before trading their hard-earned savings for the Shiba Inu, "because memes say you'll get rich." Similar alarms have been raised by several other experts on the subject that Shiba Inu growth is just a bubble waiting to burst. In another tweet, Snowden explained that it might be good for people to invest their extra cash in cryptocurrencies, but they shouldn't spend their "rent" on it.
Of course, for now, the market is proving the Shiba Inu skeptics wrong. Snowden's comments were quickly followed by some dog coin proponents, who told Snowden that the Shiba Inu project and ecosystem had become too big to be more than just a cryptocurrency and the jump in value was an accurate indicator of its success.
Before that, we shared our experience with the recent Shiba Inu rally. There is no doubt that the prospect of making quick money is exciting for everyone. While Snowden has some gold investing tips here, don't risk all your money on one investment. What he didn't mention was that it should be followed by everyone, not just the Shiba Inu owner.