Michael Burry Calls Shiba Inu ‘Pointless’ – SHIB Just Soared 230% In A Week

According to Michael Burry, the Hedge fund manager who predicted the 2008 financial crisis, Dogecoin rival shiba inu token (SHIB) is “pointless,” criticizing its supply. The cryptocurrency skyrocketed 230% over the past week.

The founder of private investment firm Scion Asset Management, Michael Burry, commented on the shiba inu token (SHIB) Saturday after the memecoin soared 230% over the past week.

Burry became famous in the investment world for being the first to predict and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He was profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie.

He shared Coinbase’s description of the shiba inu token on Twitter Saturday, which states:

“Shiba inu (SHIB) is a token that aspires to be an Ethereum-based alternative to dogecoin (DOGE), the popular meme coin. Unlike bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion.”

Burry tweeted:

“Just saying, one quadrillion seconds is about 32 million years. One quadrillion days is 2.7 trillion years, or all of time, from the beginning of the universe, multiplied by 71,000. In other words, pointless.”

Many jumped in on Twitter pointing out that the circulating supply of SHIB is no longer one quadrillion. Coinbase’s market data shows that the circulating supply of the shiba inu token is currently 394.8 trillion coins.

According to the he Shiba Inu website:

“Starting with a supply of 1 quadrillion, our founder, Ryoshi, locked 50% in Uniswap, then ‘burned‘ the other half to Ethereum co-founder Vitalik Buterin for safekeeping.” The Shiba inu token made its way into the limelight when Buterin donated $1 billion worth of SHIB to India’s crypto covid relief fund.

At the time of writing, SHIB is up 218% over the past week and 2.96% over the past 24 hours, according to CoinMarketCap. The cryptocurrency is trading at $0.00002692 and its market cap is $10.6 billion.

Coinbase Pro announced support for SHIB in June. In September, the crypto exchange announced that SHIB was available on Coinbase.com and in the Coinbase Android and iOS apps.

Michael Burry has been sceptical about investing in cryptocurrencies. In June, he predicted the “mother of all crashes,” saying that “The problem with crypto, as in most things, is the leverage.”

Burry also said that governments could squash competitors in the currency arena, including bitcoin. However, he clarified: