Cryptocurrency token Shiba Inu, which suddenly grew, was called a pyramid scheme

According to Bigger Entertainment CEO Stephen Cooper, one of the most popular meme coins, Shiba Inu (SHIB), is actually a Ponzi scheme. The analyst said that due to the lack of burnt tokens or any other real achievements of Shiba Inu developers, the cryptocurrency is used as a cheap token like BONE. Cooper emphasized that the implausible rapid growth of the meme-coin encourages investors to rashly invest in dubious projects.

Earlier, Cooper took an active part in promoting Shiba Inu, but last year he quarreled with the developers and left the project. The analyst removed all references to the meme cryptocurrency from his social media profiles.

«What was going on behind the scenes (of the Shiba Inu network) was insane and destroyed many people who tried to help — including me and my company,» Bigger Entertainment CEO wrote on Twitter.

According to CoinMarketCap, there are currently more than 549 trillion SHIB tokens in circulation, with a total market capitalization of $ 7 billion. Shiba Inu has also become the only ERC-20 cryptocurrency token that appears most often in Ethereum’s main chain transactions.

In turn, a recent Nansen report shows that Shiba Inu has become the most popular meme coin for investment among crypto beginners. Analysts have recorded more than $ 56 million in SHIB tokens on about 12,000 new crypto wallets. Currently, crypto enthusiasts and supporters of SHIB are waiting for the launch of the announced Shibarium level 2 blockchain solution on the Ethereum network. Its goal is to lay the foundation for the creation of the Shiba Inu ecosystem and increase the speed of transactions.

It should be added that at the time of writing, SHIB is trading at $ 0.1 203.