Meme currency Dogecoin, and its cousin Shiba Inu, have grown over the last 24 hours after surging by around 85 percent in the last week. Analysts predict it may hit new all-time highs before the end of the year. Shiba Inu is up by around 13 percent and Dogecoin has grown by two percent.
A Reddit user convinced his aunt to invest £150,000 in Shiba Inu crypto, but she was hit by the volatile value of crypto which crashed to $0.00006.
This crash would slash the value of her investment by around £36,000 and now the funds are locked in Shibu. Crypto is unregulated, unlike other types of investment, so if things go wrong you’re left in the dark.
The Reddit user still thinks the investment was a good idea and believes his aunt will be “dumb rich”.
Jordan McCreery, founding partner of Ingrained Media, told The i Paper: “We have seen a large jump just this week, in the coming weeks as we wrap up 2021, the price likely only continues to run.”
Matt Damon is the latest celebrity to show his backing for Cryptocurrency, fronting a new advert for Crypto.com.
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