NEW DELHI: Cryptocurrency may well be made a synonym for volatility given that some of these tokens have seen a stupendous rise in prices in a short span.
On Monday, it was the turn of Shih Tzu (SHIH), a token named after the affectionate, playful and outgoing dog breed that originated in China. The token has seen a wild rally in the last two hours.
The counter has surged about 6,00,000 per cent, data collated by CoinMarketCap showed. Shih Tzu coins were trading at $0.00005477, up from $0.000000009105. Volume has also surged up to 65 per cent across exchanges. The token is among those unknown ones that suddenly gained thousands of per cent, but no one seems to know why. Kokoswap, Ethereum Meta and ARC Governance are among those that saw sudden but short-lived rallies.
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A registered entity, Shih Tzu is a cross-chain-based meme token that brings together an ecosystem of NFT marketplace, a multi-chain based wallet and metaverse gaming. Analysts tracking the crypto market say no information is available on the circulating supply of Shih Tzu. The maximum supply is pegged at 1,000,000,000,000,000 SHIH coins.
“The price rally does not seem sustainable at this point in time. It’s just cashing in on the NFT and metaverse gaming momentum,\” said Sharat Chandra, a Blockchain & Emerging Tech Evangelist.
The website of the token says: “Shih-Tzu token is an ERC-20/BEP20 token built on Ethereum and Binance Smart Chain that focuses on improving the quality of life, and ultimately the happiness, of animals and critters across the globe. With a strong and ever-growing community, we advocate and donate to animal rights support groups, advocates, and causes. This includes animal support shelters and rescue initiatives. Our mission is clear, and we are hopeful that the impact that Shih-tzu can have on animals will benefit the token holders in the long run as we expand and build on our goals and initiatives. The Team at SHIH is dedicated to bringing new hope to animals that have been abandoned, abused, and mistreated. It\’s for this purpose that we\’re raising funds for animal rights initiatives through the sales of NFTs generated by the community that supports us and our furry friends.”
ETMarkets could not immediately verify the claims by creators of the website and the token.
(Disclaimer: This is just for information purposes and not an investment recommendation. Crypto market is extremely volatile and you can lose money very quickly. Please consult your financial adviser before taking any position in the asset/s mentioned.)