The cryptocurrency market is once again caught in a wave of speculative mania.
While Dogecoin (DOGE) is still making headlines, Shiba Inu (SHIB) has taken the spotlight. Overnight, a flood of meme coins emerged—LOWB with 50x gains, PIG with 190x surges, and CRPS skyrocketing by 1,000x. These astronomical returns are reviving the myth of overnight riches, bringing back scenes of chaotic speculation not seen since the last bull run.
On May 10 at around 7:15 PM, Binance, one of the world’s largest crypto exchanges, abruptly suspended all withdrawal services. The unexpected announcement sent shockwaves across the industry and raised concerns about user asset security. Thirty minutes later, Binance resumed operations, attributing the outage to traffic overload.
That same evening at 7:00 PM, Shiba Inu (SHIB) officially launched on Binance. The massive influx of users triggered technical issues, underscoring just how red-hot this meme coin had become.
The Origins of Shiba Inu (SHIB)
According to the SHIB whitepaper, the idea for the token was inspired by the early 2021 retail investor revolt against Wall Street—popularly known as the GameStop saga. The creators envisioned a decentralized community-driven movement, symbolized by the Shiba Inu dog breed.
The total supply of SHIB is set at one quadrillion tokens. In a bold move, half of that—500 trillion tokens—was sent directly to Vitalik Buterin, Ethereum’s co-founder. For context, the total circulating supply of U.S. dollars as of 2021 was approximately $2.15 trillion, according to the Federal Reserve Economic Data (FRED).
Ryoshi, the pseudonymous founder of SHIB, emphasized that the team was never formally organized. Members had no prior working relationships. The name “Shiba Inu” was chosen simply because they all shared a love for the dog breed—a decision rooted more in culture than technology.
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Elon Musk and Social Media Fuel the Fire
On May 7, Masahiko Miyano, an independent director at Tesla and former chief investment officer of a Japanese pension fund, posted on social media: “Investors can trade Shiba Inu coins short-term, but don’t treat your real Shiba Inu pet dog that way.” Elon Musk quickly responded: “I’m looking for a Shiba Inu.”
That single tweet ignited retail investor sentiment worldwide.
Data from CoinMarketCap shows SHIB’s price began a rocket-like ascent starting May 7. Within three days, it surged dozens of times over, reaching a market cap of $10 billion and ranking among the top 20 cryptocurrencies. Its 24-hour trading volume peaked at $8 billion.
A New Investor’s Journey
In an interview with Jiemian News, Mr. Pang (a pseudonym), a first-time crypto investor, shared his experience. On May 8, after seeing Musk mention SHIB on Twitter and hearing from friends that it would soon list on major exchanges, he decided to take a small risk.
He downloaded a crypto app at 5 PM, linked his bank card by 6 PM, and by 10:30 PM, he noticed SHIB had already risen 400%. He made his first-ever cryptocurrency purchase—buying SHIB.
He stayed up until 1 AM monitoring the charts before finally falling asleep. Two days later, his investment had tripled. He cashed out his initial capital and let the rest ride through the ongoing frenzy.
By May 11 at 8 AM, SHIB’s 24-hour gain exceeded 117.62%, with trading volume up 252.91%. But by 4 PM, gains had cooled to 33.07%, and by 10 PM, they hovered around just 3%.
Yet another meme coin was ready to take center stage.
CSPR: A Thousand-Fold Surge in Hours
At 8 PM on May 11, CSPR launched on OKX (formerly known as KuCoin). Prior to listing, CSPR traded at just $0.015. Within hours, its price exploded to $36—an increase of over 1,000x.
This kind of performance is nearly impossible in traditional finance but has become disturbingly common in today’s speculative crypto environment. What makes CSPR even more puzzling is its lack of recognition in the crypto community and minimal technical innovation or credible team backing to justify such explosive growth.
Mr. Pang admitted he sees no real technological value in these new tokens—“It’s just people playing games.”
After peaking, CSPR’s price plunged rapidly. At the time of writing, it stood at $1.24—a 79.2% drop in 24 hours.
Other meme coins followed suit. “PIG” coin capitalized on the animal-themed trend and surged 190x upon listing. Losercoin, nicknamed “LOWB,” created by two developers for self-proclaimed “losers,” jumped 58x.
Common Traits of Today’s Meme Coins
These tokens share key characteristics:
- No intrinsic value: Most lack utility, roadmap, or long-term vision.
- Ultra-low entry price: Designed to attract retail investors with the illusion of affordability.
- Community-driven hype: Fueled by social media trends and celebrity mentions.
- Fast exchange listings: Quick access to major platforms amplifies price swings.
- High risk: Minimal regulatory oversight and questionable security practices.
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Echoes of the 2017 ICO Bubble
This isn’t the first time the crypto world has seen such irrational exuberance.
In 2017, Initial Coin Offerings (ICOs) built on Ethereum enabled thousands of projects to raise funds with little scrutiny. Many used buzzwords like “blockchain” and “decentralization” while delivering nothing but pump-and-dump schemes.
Fueled by FOMO (fear of missing out), prices soared—some tokens gaining hundreds or thousands of percent in weeks.
Then came the crash.
On September 4, 2017, seven Chinese regulatory agencies—including the People’s Bank of China and the China Securities Regulatory Commission—issued a joint notice titled On Preventing Risks Associated with Token Issuance and Financing. It declared all ICO activities illegal and demanded their immediate cessation.
Within hours of the announcement at 3 PM that day, prices collapsed. Many tokens lost over 90% of their value. Today, most have vanished into obscurity.
Expert Insight: History Repeating?
Da Hongfei, CEO of Onchain (Distribution Technology), commented on the current meme coin surge:
“This phenomenon occurs against a backdrop of anti-establishment sentiment in Western societies, monetary expansion due to modern monetary theory, weak real economies during the pandemic, and strong returns from mainstream assets like Bitcoin and Ethereum. But this trend isn’t sustainable—it mirrors small-cap stock rallies at the end of a bull market.”
He added:
“There are similarities and differences compared to the 2017 crypto craze. Both periods reflect late-stage bull markets filled with speculation and bubbles. The key difference? This cycle was initially driven by institutional investors.”
Frequently Asked Questions (FAQ)
Q: What is a meme coin?
A: A meme coin is a cryptocurrency inspired by internet culture or jokes—like Dogecoin or Shiba Inu. Most lack utility or underlying technology but gain traction through community enthusiasm and social media virality.
Q: Are meme coins good investments?
A: Generally not for long-term portfolios. While some deliver short-term gains, most are highly speculative with no fundamentals to support lasting value.
Q: Why do meme coins spike so quickly?
A: Social media hype, celebrity endorsements (like Elon Musk), low initial prices, and rapid exchange listings create perfect conditions for explosive—but often temporary—price surges.
Q: Can we trust new coins like CSPR or PIG?
A: Extreme caution is advised. Many lack transparency around teams, code audits, or tokenomics. Always research before investing.
Q: Is this another ICO bubble?
A: In spirit—yes. While technically different (most are ERC-20 tokens), today’s meme coin frenzy echoes the speculative excesses of 2017. Without real-world use cases, sustainability is unlikely.
Q: How can I protect myself during crypto manias?
A: Set strict risk limits, avoid FOMO-driven decisions, diversify holdings, and never invest more than you can afford to lose.
The current wave of meme coin speculation reflects deeper shifts in digital culture and financial behavior. But history warns us: when hype outpaces value, crashes follow.
As investors chase quick wins in LOWB, PIG, or CRPS, they’d do well to remember—what goes up violently may come down even faster.
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