Hedge fund manager Michael Burry, famous for predicting the 2008 financial crisis, believes rival dogecoin’s shiba inu token (SHIB) to be “unnecessary”, criticizing his offer. The cryptocurrency skyrocketed 230% over the past week.
Michael Burry shares his take on the Shiba Inu token
Renowned investor and founder of private investment firm Scion Asset Management, Michael Burry, commented on the shiba inu token (SHIB) on Saturday after rival dogecoin cryptocurrency jumped 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 featured in “The Big Short,” a book by Michael Lewis on 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:
I’m just saying that a quadrillion seconds equals 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 SHIB’s outstanding supply is no longer a 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 1 quadrillion supply, our founder, Ryoshi, locked 50% into Uniswap, then ‘burned’ the other half to Ethereum co-founder Vitalik Buterin for the keep. 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% in the past week and 6.76% in the past 24 hours, according to data from Coinbase. The cryptocurrency is trading at $0.00002649 and its market cap is $10.3 billion.
Coinbase Pro announced the listing of the crypto shiba inu 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 with most things, is 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.”