SHIBA Inu and Bitcoin are down today after President Biden statement drawing attention to potential pitfalls of the currency such as ransomware and other cyber threats.
The statement from Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.
“That’s why my administration is marshalling a whole-of-nation effort to confront cyber threats.”
The White House also signaled that the US will gather 30 other countries, including NATO and G7 allies, to discuss responses to cybercrime.
“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” it read.
Federal Reserve chair Jerome Powell also announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.
Read our cryptocurrency live blog for the latest news and updates…
DOGECOIN AND THE ‘MUSK’ EFFECT
Because it has mainly been a joke, the rapid price increase in 2021 of Dogecoin can be attributed to retail investors and billionaire Elon Musk.
Musk has plenty of influence on Dogecoin. All it seemingly takes is a simple tweet from him to either tank or drive up the price.
Dogecoin can be thought of as a meme coin – because it isn’t really gaining on its fundamentals.
WHAT IS DOGECOIN?
Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer.
The cryptocurrency started as a joke, having the Shiba Inu dog as its logo.
The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow.”
Dogecoin has some notable features including its cheap price, unlimited supply, and script algorithm.
VOLATILE PRICES AND DEMAND
Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun: “It is difficult to predict the price of a something that has an intrinsic value of zero.”
“All it takes is a tweet from high-profile individuals who have significant influence on sentiment to cryptos to drive up demand.”
“But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu.”
EXPERTS DIFFER PREDICTING SHIBA INU’S VALUE
Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed.
For example, crypto website Wallet Investor expects a value of up to $0.000018 in a year’s time.
Meanwhile, Coin Price Forecast expects it to hit a value of $0.00002336 by the middle of next year.
It then expects it to end the year at a slightly higher level of $0.00003037.
HACKERS STEAL $600MILLION
Hackers recently stole $600 million in a daring cryptocurrency heist after spotting a “vulnerability” in a blockchain site.
In one of the world’s biggest ever thefts, the cyber criminals…