The volatility of the crypto market has now become a daily occurrence. In recent times, a number of lesser-known currencies have been occupying the market overnight, raising their prices in a very short period of time.
On Monday, the name Shih-Tzu was added to the list. In the wake of the growing popularity of cryptocurrencies around the world, recently, the coin, mimicked by a beloved, fickle Chinese dog breed called ‘Sit-Xu’, has increased its value by more than 600,000% in just two hours.
According to the International Crypto Exchange, CoinMarket Cap, the currency was initially trading at 0.00 billion. In just two hours, the price rose sharply to 0.0000548. In other words, if one has invested Rs.1000 in this currency, then after 2 hours he has got Rs.60 lakh return.
However, in this race for overnight price rise, Shih Tzu is not the first. Unknown currencies, such as KokoSwap, Ethereum Meta, and ARC governance, also rose sharply in the short term. However, these were all temporary.
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Experts have not yet been able to explain the reason behind the sudden rise in prices of little-known cryptocurrencies. However, Sharat Chandra, a rising blockchain and technology promoter, said that such a price increase in the market would not last long. He claimed that the coinage has only benefited from NFT and Metaverse Gaming.
Incidentally, according to the official website of the Shih Tzu currency, its purpose is to raise funds by selling NFT tokens to help sick, oppressed, neglected animals. The coin makers are also optimistic that the token will have a positive effect on animals, which will also benefit token savers in the future. However, their claim is still subject to verification.