Sunday, August 14

Bitcoin Whale criticizes Shiba Inu’s high, but prefers meme to Ethereum

A famous Bitcoin whale criticized the rise of Shiba Inu in the market, also taking the opportunity to “poke” Ethereum, a project that he doesn’t like.

In recent days, while Bitcoin has fallen and prices lateralized, with the US$ 60,000 region proving strong support, a phenomenon has caught the attention of the alternative cryptocurrency market.

That’s because, in the meme currency sector, speculative and with low fundamentals in their technologies, Dogecoin rivaled Shiba Inu in market value. SHIB even surpassed DOGE, Elon Musk’s preferred currency, but ended up backtracking.

Becoming the 10th largest currency on the market, Shiba Inu has gained 150% in the last seven days alone. In the Brazilian crypto market, this currency became the third largest volume in the last 24 hours, surpassing the Ethereum.

Shiba Inu in Brazil broadcasts Ethereum volume in the last 24 hours, on October 29, 2021 /Livecoins

What did a Bitcoin whale say when criticizing Shiba Inu?

Whale JOE007 is famous for trading Bitcoin in the market, mainly through the broker Bitfinex. However, this big holder of digital coins doesn’t like the Shiba Inu one bit, much less the Ethereum, the second largest coin.

According to the Twitter profile, Ethereum’s top public supporters, who believe the currency will reach $10,000 in price, are flocking to support Shiba Inu, even though the latter is a meme.

For the whale, the Ethereum is a fraudulent, centralized cryptocurrency with high network fees. So even a meme like Shiba Inu, that JOE007 doesn’t like, continues to draw more attention than ETH.

“Sorry ETH holders, the idiots who bombed your heavy bags before are all on SHIB now. They don’t want to have anything to do with your old high-rate centralized scamcoin. And no amount of boomer memes can change that.”

“I’d rather Shiba Inu pass Bitcoin than Ethereum”

The whale also remembered an old desire of the Ethereum community in the market, which is to surpass Bitcoin in market cap. This situation is called “Flippening” and is the target of constant search among supporters of the second largest currency.

Thus, JOE007 stated that he prefers to see a coin like the Shiba Inu beat Bitcoin someday, since at least this one it’s an obvious scam and not disguised as Ethereum.

For the whale, the market cap is a bad measure to measure the cryptocurrency market, which can be totally manipulated with a low cost on your vision.

“If anything is ‘reversing’ Bitcoin, I would prefer it to be an obvious scam like SHIB, rather than a well-disguised sophisticated scam like ETH. At the very least, it would demonstrate the idiocy of fancy metrics like “currency marketcap”.”

It is worth remembering that the alternative cryptocurrency market is of great risk, with currencies such as the Shiba Inu, for example, having no technical basis to compensate for the speculation made in its price.