‘Big Short’ Investor Michael Burry Criticizes Shiba Inu Crypto After SHIB Soars 230% — Says It’s ‘Pointless’
Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, thinks the dogecoin rival shiba inu token (SHIB) is “pointless,” criticizing its supply. The cryptocurrency skyrocketed 230% over the pas...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, thinks the dogecoin rival shiba inu token (SHIB) is “pointless,” criticizing its supply. The cryptocurrency skyrocketed 230% over the past week.
Michael Burry Shares His View on Shiba Inu Token
Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, commented on the shiba inu token (SHIB) Saturday after the dogecoin rival cryptocurrency surged 230% over the past week.
Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.
The Big Short investor shared Coinbase’s description of the shiba inu token on Twitter Saturday, which states: “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.”
Commenting on this description, Burry wrote:
Just saying, one quadrillion seconds is about 32 million years. One quadrillion days is 2.7 trillion years, or all of time, from the beginning of the universe, multiplied by 71,000. In other words, pointless.
However, several people quickly pointed out to Burry on Twitter that the circulating supply of SHIB is no longer one quadrillion. Coinbase’s market data shows that the circulating supply of the shiba inu token is currently 394.8 trillion coins.
The Shiba Token website explains: “Starting with a supply of 1 quadrillion, our founder, Ryoshi, locked 50% in Uniswap, then ‘burned‘ the other half to Ethereum co-founder Vitalik Buterin for safekeeping.” The Shiba inu token made its way into the limelight when Buterin donated $1 billion worth of SHIB to India’s crypto covid relief fund.
At the time of writing, SHIB is up 235% over the past week and 6.76% over the past 24 hours, according to Coinbase’s data. The cryptocurrency is trading at $0.00002649 and its market cap is $10.3 billion.
Coinbase Pro announced the listing of shiba inu crypto in June. In September, the Nasdaq-listed crypto exchange announced that SHIB was available on Coinbase.com and in the Coinbase Android and iOS apps.
Burry has been warning about investing in cryptocurrencies. In June, he predicted the “mother of all crashes,” noting that “The problem with crypto, as in most things, is the leverage.”
The Big Short investor also cautioned that governments could squash competitors in the currency arena, including bitcoin. However, he clarified, “I don’t hate BTC,” emphasizing that he is “not short BTC” because “In the short run anything is possible.”
What do you think about Michael Burry’s comments? Let us know in the comments section below.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Aave v4 on Base draws $4.7 million in Coinbase tokenized stock deposits
Aave's integration of tokenized stocks into DeFi could reshape global finance, highlighting regulatory challenges and market volat...
Avalanche Tokenized Treasury Market Reaches $545 Million After Rapid Growth
TL;DR: Tokenized US Treasury assets on Avalanche have reached roughly $545 million, according to data highlighted this week. The s...
XRP Whales Dominate Exchange Outflows as Bitcoin Shorts Rise on Hyperliquid
The contrasting flows highlight a market where some large investors are moving XRP away from exchanges even as leveraged traders p...
XRP ETFs now hold $1.7 billion but took in just $4M last week
XRP traded around $1.43 on Oct. 7, down 5.46% over 24 hours. Five tracked US spot XRP ETFs held an estimated $1.7 billion at the p...
OKX Eyes 63 U.S. Stocks in Major Tokenized Trading Expansion
Key Takeaways: OKXICE informed the SEC about its plan to establish an online platform called “Tokenized Securities Venue” that wou...
Bitcoin’s failed breakout reveals a dangerous mix of thin volume and easy profits
Bitcoin has fallen nearly 5% this week as weak trading volume and profit-taking blunt attempts to reclaim $85,000. The largest cry...