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Michael Burry, famous for forecasting the 2008 financial crisis, has criticized that SHIB price soaring 230 percent is pointless. He further added that dogecoin rival’s supply is intentionally abundant which should be scarce like Bitcoin.
SHIB price soaring 230 percent is pointless:
`Michael Burry, founder of the private investment firm Scion Asset management and famous investor, has commented on the SHIB price soaring 230 percent in a week period and calls it pointless. Michael Burry was the first man to forecast the financial crisis in 2008 created by the US submarine mortgage crisis. A book is written on this incident with the title ‘The Big Short’ and a movie was made starring Christine Bale.
Burry shared the description of Shiba Inu on Twitter which says:
Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to dogecoin (DOGE), the popular meme coin. Unlike bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion.
The investor also criticized the SHIB over its abundant supply available in the market and called it pointless that SHIB has a supply of one quadrillion. The supporter of the SHIB got on Twitter saying that supply is not One quadrillion but 394.8 trillion. SHIB price soaring 230 percent over the past week is not making many people happy. Shiba Inu’s official website explains that out of 1 quadrillion, 50% were locked in Uniswap and the other half were sent to Ethereum co-founder for safekeeping.
Source: Coinbase
SHIB price soaring 230 percent is now trading at $0.00002649 with a market cap of $10.3 billion. Burry has also warned crypto investors to beware of the most common mistake, leverage. He also mentioned at the end that he doesn’t hate crypto or Bitcoin.
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