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Here’s what’s fuelling cryptocurrency Euro Shiba Inu’s 25,000 percent surge

Euro Shiba Inu is doing phenomenally well thanks to its unique reward programme which allows $EShib owners.

Shiba inu, a meme inspired cryptocurrency and a Dogecoin spinoff, has hit an all time high. (Photo: Twitter/ Shiba Inu)

Shiba Inu’s European avatar ‘ESHIB’ witnessed a massive 25,000 percent surge in the last 24 hours. The little-known token generated in Spain describes itself as the “eco version of Shiba Inu.”

The token says it aims to improve people’s quality of life as well as raise awareness about climate change, according to Coinmarketcap. ESHIB further claims to reward its owners with 5 percent of each transaction— this goes to donations in the event of natural disasters and educating youth to improve the environment.

Euro Shiba Inu (ESHIB) has hit a high of $0.000000000076 from $0.000000000003 on Thursday. However, the token gave up the majority of its gains on Thursday. At the time of writing this article, ESHIB is trading at $0.000000003161.

Hitesh Malviya, founder, itsblockchain.com, believes that greed, strong community engagement are some of the reasons behind this huge surge in ESHIB’s price.  “At the end of the day ESHIB Remains a meme coin, it doesn’t offer any fundamentals for long-term growth. And investors should avoid any limb term position in any meme coin,” advised Malviya.

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It should be noted that the Spanish meme coin gained momentum only because its original avatar SHIB gained a massive spike, after tech billionaire Elon Musk, tweeted a photograph of the SHIB coin going to the Moon on October 18.

“…the developers of the dog meme coin have created a blockchain ecosystem with the Shibaswap platform Shibarium, where transaction cost will be close to 0. Additionally, tech e-tailer Newegg has decided to accept the coin as a payment method soon, thus increasing investors confidence in both SHIB and ESHIB coins,” asserted Nitish Sharma, Global CEO at TP Global FX.

We don’t know whether the ESHIB project has any malicious intent such as the ‘SQUID’ token case —when millions of dollars vanished in a matter of minutes after investors piled into a new cryptocurrency inspired by “Squid Game,” the popular Netflix survival series, only to watch its value plunge to nearly zero in a few short hours. It was a potential “rug pull” case.

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Currently, there are way too many crypto coins in the market with questionable use case scenarios, that are playing off the success of other viable coins. Anirudh A Damani, managing partner at Artha Venture Fund believes that this has spurted the need for strong regulations. “We look forward to the government guidelines that will protect investors from any such market manipulation.”

Earlier last week, a relatively unknown cryptocurrency called Omicron (OMIC), which shares its name with the new COVID-19 variant,  spiked more than 900 percent in the span of 48 hours. OMIC token was selling at just over $50 on November 26, but after the news of the new COVID, variant surfaced. The token hit an all-time high of $689 on November 29 morning.

First published on: 06-12-2021 at 09:11 IST
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