It's quite funny what's happening in the crypto world. I've been watching the news and the hype around certain tokens and must say, you have to be strong and know what you're doing as there are traps everywhere that look like the deal of the century, that can make you rich, then you wake up broke and rekt.
The latest shiny token that has made the news is SHIBA INU (SHIB), which people are talking about on every possible platform. I'm sure you've seen a bunch of posts on LeoFinance too. I must admit, I've not read any of it but have seen quite many in the past few days.
For me this token is equal to DOGE at the moment, meaning I'm not interested in either of them as it's a huge gamble and while there are so many good trades out there, possibilities that will bring me profit in the upcoming month or two, I don't see a reason why to gamble with tokens like these two and the other few that falls in this category.
4h Chart of SHIB on Binance
This is SHIB's 4 hour chart at the time of writing on Binance, where it is paired with the USDT at the moment of writing, SHIB/USDT, SHIB/BUSD, 1000SHIBUSDT. It's a new shiny coin, just starting its journey, so we're still early in the game and that's what many are basing their decisions on. Early adopters are in a huge advantage most of the time, but not always. Many are rushing to buy the token early and cheap, then make a profit later, when the price goes up.
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Not long ago I got a notification from Binance, letting me know there's a contest going on, for SHIB fans and the stake is $50,000 in SHIB. Wow, $50,000 in SHIB is huge you may say and the numbers looks nice but look at the conditions below.
Binance knows what they are doing as the contest is exclusively for new users, that register to Binance during the contest. Well, Binance is not a new exchange, so most of the crypto world is already registered to Binance, except for US citizens, for restrictive measures, but even they can bypass the system. Now, cheating is pretty impossible as there's the KYC, which must be completed in each and every case.
This is a technique to attract more users, but I see it as targeting those with less or no experience, who could be easily manipulated by the hype.
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This is what you can find on Binance about SHIB. Just take close look and see if there are exclamation signs in this descriptions that start ringing the bells.
It's still early to know exactly what's going to happen, but I'd be very cautious. Don't invest what you can't afford to lose. Just because some people made money with DOGE, that doesn't mean this token will bring you a fortune. $10,000 worth SHIB may mean a lot today, but can be worthless tomorrow, along with the tokens in your wallet that you bought to participate in the contest.
Trade carefully!
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