Hedge fund manager Michael Barry, known for predicting the 2008 financial crisis, thinks Dougcoin is “meaningless” by criticizing the supply of rival Shiva Inu Token (SHIB). Cryptocurrency rose 230% last week.
Michael Barry shares his views on Shiva Inu Token
Michael Barry, a well-known investor and founder of private investment firm Sion Asset Management, commented on the Shiva Inu Token (SHIB) last week after Dougcoin rival cryptocurrencies rose 230%.
Barry is best known as the first investor to predict and profit from the US subprime mortgage crisis that occurred between 2000 and 2010. He has profiled in Michael Lewis’ book “The Big Short” about the mortgage crisis. A movie starring Christian Bell.
Big Short Investor shared a description of Shiva Inu Token’s Coinbase on Twitter on Saturday, saying: “Shiva Inu (SHIB) is a token that wants to be an atherium-based alternative to the popular meme coin, DOGE. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally bulky – with a quarter of the supply of circulation.
Commenting on this description, Bury wrote:
Simply put, one quadrillion seconds is about 32 million years. A quarter day is 2.7 trillion years, or the whole time, since the beginning of the universe, multiplied by 71,000. In other words, meaningless.
However, several quickly pointed to Buri on Twitter that SHIB’s conventional supply was no longer a quarter. Coinbase’s market data shows that Shiva Inu Token’s circulation supply is currently 394.8 trillion coins.
The Shiva Token website explains: “Starting with the supply of 1 quadrillion, our founder Rioshi locked 50% in Uniswap, then burned the other half to keep it safe with Ethereum co-founder Vitalik Butarin.” The Shiva Inu token went the way of negotiations when Butarin donated a HI 1 billion SHIB to the CryptoCoid Relief Fund of India.
At the time of writing, SHIB has risen 235% in the last week and 6.76% in the last 24 hours, according to data from Coinbase. The cryptocurrency is trading at 00 0.00002649 and has a market cap of $ 10.3 billion.
Coinbase Pro announced the list of Shiva Inu Crypto in June. In September, the Nasdaq-listed crypto exchange announced that SHIB Coinbase.com and Coinbase are available on Android and iOS apps.
Barry has been warning about investing in cryptocurrencies. In June, he predicted the “mother of all crashes”, citing “problems in crypto, as in most cases, leverage.”
Big Short investors warned that the government could squash competitors in the currency arena, including Bitcoin. However, he made it clear that “I do not hate BTC”, stressing that “BTC is not short” because “anything is possible in a short time.”
What do you think of Michael Barry’s comments? Let us know in the comments section below.
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