SHIBA Inu has surged in value by a further 13% over the last 24 hours after leading cryptocurrency exchange platform Binance listed it.
The tokens which feature the same Shiba Inu dog as Dogecoin has been launched as crypto fans hunt for the next success story.
? Read our cryptocurrency live blog for the latest Bitcoin updates
At the time of writing, the cryptocurrency has jumped over the last 24 hours to $0.00001528 (£0.000011).
This is on top of record-breaking gains the coin enjoyed yesterday when it soared by 130%.
The spike came as Binance announced it would be listing Shiba Inu coins -which means buyers and sellers can trade these coins on the platform.
But it is unclear if the new meme-themed coins are legitimate – which means your money is at higher risk and you’re more open to fall for a scam.
5 risks of crypto investments
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
Buying cryptocurrencies is a very risky business.
Investing is not a guaranteed way to make money, so make sure you know the risks and can afford to lose the money.
Cryptocurrencies are also highly volatile, so your cash can go down as well as up in the blink of an eye.
So while Shiba Inu may have soared to a record breaking high of $0.000039 (£0.000028) just before midnight last night, it could just as easily plunge in value.
As always, you should never invest in something you don't understand.
Experts believe the new Shiba Inu currency has been created to give rival Dogecoin a run for its money – which has also recently enjoyed record breaking gains.
It boosted in value after the well-known cryptocurrency platform, eToro, announced it would accept the coin.
It has also been backed by Elon Musk, but after his appearance on a Saturday Night Live show, Dogecoin dropped in value from $0.70 to $0.47 on May 9.
Before the show, he warned people to "invest in Dogecoin with caution", and to not invest life savings in any cryptocurrency.
Shiba Inu isn’t the only cryptocurrency that’s enjoyed recent success.
Telcoin is up 6% since yesterday at $0.00368 (£0.0026) – a big increase since May 1 when it was worth just $0.0099 (£.0.0070).
But investors have been warned about “wild price swings” that could come with the currency – and that “extreme caution” should be taken when investing.
It comes as DIY investors on TikTok, YouTube and Instagram were warned about investing in cryptocurrencies and other high risk products last month.
The Financial Conduct Authority said it would take action if social media sites continued to promote risky – and sometimes fraudulent – investments.
The watchdog also reminded Brits of a warning it issued in January, saying you should be prepared to "lose it all" if you invest in cryptocurrencies.
What is Bonfire and why is the price going down? We explain all you need to know.
Meanwhile, a Russian 27-year-old recently became the world's youngest crypto billionaire after his cryptocurrency Ethereum surged in value.
Who are Dogecoin's founders? We reveal all about the cryptocurrency's creators.
Source: Read Full Article
