A less known crypto coin Euro Shiba Inu (ESHIB) has jumped more than 25,000 per cent in the last 24 hours. Euro Shiba Inu hit a high of $0.000000000076 from $0.000000000003 on Thursday. The token shed the majority of its gains by 6:00 pm IST, according to coinmarketcap.com.
Euro Shiba Inu is a token generated in Spain that describes itself as the "eco version of Shiba Inu." The token says it aims to improve people’s quality of life as well as raise awareness about climate change, as reported by Benzinga, a stock research platform.
The newly listed coin has topped the list of gainers on CoinMarketCap and currently has over 5,000 holders.
"Shiba Inu’s European avatar “ESHIB” witnessed a massive 25,000 per cent jump in a day. It has become a norm with all lesser-known crypto tokens as well as those riding on the popularity of OTT series like Squid Games. Newly launched tokens, more often than not, rise to new highs only to plummet later," says Sharat Chandra, a blockchain and emerging tech evangelist.
Previously, some coins also made huge jumps. Recently, Omicron (OMIC) climbed as much as 1,110 per cent from $64.84 on November 27 to reach $711.09 on November 29. But, on November 29, its price fell to $466.22, and the coin was trading even lower at $210.28 on November 30. During that period, OMIC worth about $781,000 exchanged hands. The buzz was short-lived and the coin lost almost one-third of its value in the span of just one day, according to Singapore-based crypto exchange Crypto.com.
Digital token Squid, which was inspired by the blockbuster South Korean Netflix series Squid Game, plunged 99 per cent to less than half a cent on November 1, as it fell from $2,861 to $0.0007, wiping away $3 million worth of investor wealth in just 24 hours, according to data from CoinMarketCap, a global cryptocurrency exchange.
At present, ESHIB was trading at $0.00000000002332 at 6:00 pm IST and was increasing by 189 .60 per cent in the last 24 hours.
"Investors should stay away from these newbies which spring up almost every day in the cryptoverse," says Chandra.
For comparison, Shiba Inu, the self-described “Dogecoin killer,” has lost 9.58 per cent over the past 24 hours and was trading at $0.0000421.
While Dogecoin has gained 0.66 per cent in the last 24 hours and was trading at $0.2152, according to coinmarketcap.com.