Hedge fund manager Michael Burry, best known for forecasting the 2008 financial crisis, called Shiba Inu, Dogecoin’s rival, “nonsense”.
Mr. Big Short talks about Shiba Inu
The popular investor commented on Shiba Inu on Saturday after cryptocurrency shot up 230% over the past week.
Burry is best known for being the first investor to see and take profits just before the 2007-2010 US subprime mortgage crisis. He is described in “The Big Short”, a book by Michael Lewis about the mortgage crisis, a film with Christian Bale.
Big Short shared Coinbase’s description of Shiba Inu on Twitter on Saturday: “Shiba inu (SHIB) is a token that is said to be an Ethereum-based alternative to Dogecoin – the most popular meme coin. In contrast to Bitcoin, which is designed to be scarce, SHIB aims to bring abundance – with a circulating amount of 1/4 trillion. “
Commenting on this description was Burry To write:
“1/4 million billion seconds is roughly 32 million years. 1/4 million billion days is 2.7 trillion years, or all the time since the beginning of the universe, multiplied by 71,000. In other words, meaningless. “
However, some quickly pointed out on Twitter that SHIB’s circulating supply is no longer a quarter of a trillion. Coinbase’s market data shows that the circulating supply is currently 394.8 trillion.
The Shiba Token website explains:
“Starting with a 1 trillion supply, our founder, Ryoshi, locked 50% in Uniswap and then ‘burned’ the other half for safe keeping at the wallet address of Ethereum co-founder Vitalik Buterin.”
SHIB was in the spotlight when Buterin donated $ 1 billion worth of tokens to India’s crypto relief fund.
SHIB price chart on Coinbase. Source: TradingView
At the time of writing, according to Coinbase data, SHIB is up 235% over the past week and 6.76% over the past 24 hours. The cryptocurrency trades at $ 0.000027 and its market capitalization is $ 10.7 billion.
Burry previously warned against investing in cryptocurrencies. In June, he predicted the “biggest crash” and stated that “the problem with cryptocurrencies, like most things, is leverage.”
The big short investor also warned that governments could wipe out competitors in the currency sector, including Bitcoin. However, he made it clear: “I do not hate BTC” and emphasized that he does not sell BTC short because “everything is possible in the short term”.
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According to Newsbitcoin