2 Toxic Cryptocurrencies to Sell Right Now – The Motley Fool

2 Toxic Cryptocurrencies to Sell Right Now – The Motley Fool

October has been a spectacular month for meme cryptocurrencies as two of the market’s most hyped-up assets soared to eye-watering levels. Shiba Inu (CRYPTO:SHIB) and Dogecoin (CRYPTO:DOGE) are up 40% and 1,000%, respectively, over the last 30 days. But without compelling fundamentals to justify the bull run, investors should consider taking profits before this bubble bursts. 

1. Shiba Inu 

Founded in August 2020 by an anonymous developer called Ryoshi, Shiba Inu token is carefully designed to exploit popular dog memes on the internet. But despite its meteoric 60,000,000% rise since inception, the coin’s lack of competitive advantages and speculative investment community could put it at risk for a spectacular crash. 

Shiba Inu breed of dog

Image source: Getty Images.

Shiba Inu’s October rally has little fundamental support. According to Fortune magazine, the surge in buying may have started when Tesla‘s CEO Elon Musk tweeted a picture of his recently adopted shiba inu puppy on October 4. Later, a push for the tokens to be added to Robinhood’s Market‘s crypto exchange helped boost demand. 

But despite the hype, Shiba Inu doesn’t bring much that’s new to the table from