Up over 11,000,000% since its August 2020 debut, Shiba Inu's (CRYPTO: SHIB) rally is likely one of the fastest of all time. But while the hyped-up cryptocurrency has made many people rich, it has all the hallmarks of a bubble soon to pop. Let's explore the reasons why investors should consider jumping ship before it's too late.
Shiba Inu is a decentralized cryptocurrency token created anonymously by an entity known as Ryoshi. Presumably, it aims to satirize Dogecoin --another meme cryptocurrency, which uses the image of a Shiba Inu dog in its branding.
The coin's surge in popularity started with tweets from Tesla's CEO Elon Musk, who adopted a Shiba Inu breed puppy in October. Shiba Inu also got a boost when popular cryptocurrency exchanges like Binance and Coinbase Pro added support for trading.
Source Fool.com