Memecoin Alien Shiba Inu surged more than 500 percent over 24 hours

Cryptocurrency trading includes the great risk of volatility and unpredictability for investors. Investors had to experience a downfall in the major cryptocurrency, especially Bitcoin, and Ethereum. However, the lesser-known memecoin, Alien Shiba Inu (ASHIB) has witnessed a sudden rise of over 500% in just 24 hours on January 9. But, its gains quickly evened out. It can be suggested that this coin is targeting those who missed the bull runs of Dogecoin and Shiba Inu.

As per the reports by CoinMarketCap, the cryptocurrency was trading in the red on January 8 at $0.0003603. However, hours later it exceptionally surged over 500% to reach $0.009869. But the gains, it not lasted for long since then.

The rally is being witnessed when Bitcoin’s value has been experiencing an all-time plunge since mid-November. Bitcoin’s market capitalisation was around $47,000 beginning of the year and was trading at $42,717 on Wednesday afternoon. Also, Ethereum has been suffering a downfall since the beginning of the year.

The sudden spike in Alien Shiba Inu has surprised many experts and investors. Besides, experts advised people tending to invest ASHIB to make more money as it looks susceptible as there is very little information about this lesser-known memecoin.

Meanwhile, on the website it is stated that the developers are working on “three flagship utility projects” – a collection of NFT characters for play-to-earn gaming, a decentralised exchange (DEX), and a merchandise marketplace called AlienShibaInuCrew.

Alien Shiba Inu was launched in November last year and is still not available for trading on a number of exchanges. On CoinMarketCap, it is ranked at the 3,673 spot.