US whistle-blower Edward Snowden has warned people against investing in cryptocurrency Shiba Inu, calling it a “clone of dog money”. The former NSA (National Security Agency) contractor’s concerns seem to have received backing from billionaire entrepreneur Elon Musk who too recently snubbed the popular meme cryptocurrency.
“I say this with love: if you got talked into exchanging your hard-earned savings for some new dog money because a meme said you'd get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*,” Snowden tweeted on Sunday.
Snowden’s tweet and his reply to a journalist who asked him what exactly he meant caught Musk’s attention.
“Dog money?” asked Reuters journalist Joel Schectman. Giving a sarcastic response, Snowden replied, “If you don't know what I’m talking about, you're honestly better off not knowing.”
Elon Musk, who came across screenshots of the Twitter exchange between Snowden and the journalist, responded with a single emotion that represents “ROFL (rolling on the floor laughing)”.
Shiba Inu, the self-proclaimed "dogecoin killer", which was created in August 2020 by someone who uses the name Ryoshi, is modelled after Dogecoin.
Elon Musk, known for his cryptocurrency endorsements, last week reiterated his holdings which are limited to Bitcoin, Ethereum and Dogecoin, slyly revealing that he does not own Shiba Inu.
“Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum & Doge’. That’s it,” the Tesla and SpaceX chief tweeted in response to users asking him about his investment in meme tokens. “As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form,” he added.
Shiba Inu on Monday topped the WazirX exchange in terms of volume with Tether and Bitcoin trailing behind on second and third respectively.
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