What's up guys and welcome back to wall street millennial on this channel, we cover everything related to stocks and investing. Have you ever thought about making a new billion dollar startup? Maybe you can get together with a few of your classmates and develop a new app or ecommerce idea, if you're, very talented and lucky, your idea might turn into a billion dollar unicorn. The problem with making a startup is that it requires many years of 100 hour work weeks and even then it's a slim chance you'll ever be worth a billion, but if you're an aspiring billionaire, it turns out that you're. In luck with the advent of new technologies, there's actually a new way.

You can make a billion dollars in a few months with very little work and very little risk. All you have to do is find the most viral meme crypto coin change the design slightly then copy and paste the code from an existing crypto protocol to create your new coin. Even if you don't have any computer science skills, you could just pay someone on fiverr a few thousand dollars to the technical work for you now you have a new meme coin with a dog logo and you can allocate yourself whatever percentage of the float that you Want the coin doesn't have any centralized finance features or any other features that anyone would ever use? It only has one purpose: making you a billionaire. The last part of the plan is generating demand for the coin.

Until you create a pool of willing buyers, all you have is a worthless piece of computer code. You need to start a marketing campaign to let the general public know that they can get rich by buying your coin. A good place to start is the london public transportation system, where flokiecoin has already had great success with so many altcoin millionaires out there there's an endless supply of people who missed out on dogecoin and are ready to get in on the ground floor of the next Meme coin and while the bubble is inflating, everybody is happy and thousands of paper millionaires are created. Currently, there are over 12 000 altcoins with an aggregate market cap in excess of 1.4 trillion dollars, the vast majority of which are nothing more than a way for the creators and promoters to make a quick buck.

Eventually, the house of cards will come crumbling down and millions of ordinary investors will see a substantial portion of their life savings wiped out. When the dust settles, the only ones who will come out on top are the founders and promoters of these coins who effectively act as the house in a trillion dollar crypto casino. Future generations will look back at the altcoin crates of the 2020s as the biggest ever transfer of wealth from the ordinary working-class people to the crypto technocrats, who sold them fake coins. If you've been paying attention to the crypto markets lately you may have noticed that shiba inu point has taken the investing world by storm.

In the past month alone, it has been almost a 10 bagger, increasing by 824 percent to 0.0064 cents with a 34 billion dollar market cap. It has now cracked the top 10 biggest cryptos in the world. Its valuation is even closing in on altcoin's stalwart dogecoin. It has now gotten so big that the mainstream media cannot ignore it.

Major news outlets such as cnbc have published articles talking about this coin. So what is inu coin, and why is it getting so much interest from investors? Shiba yunyu was founded in the summer of 2020 by an anonymous individual or group of individuals who go by the name ryoshi. They probably chose this pseudonym as a way of gaining credibility as it rhymes with satoshi nakamoto, the founder of bitcoin. Around the same time, dogecoin was gaining in popularity, especially after some very supportive tweets from elon musk shiba inu built itself as a doge killer and didn't even try to hide its resemblance to the existing meme coin.

It is named after the shiba yunu dog, which is native to japan. Importantly doge queen also uses the shiba inu dog as its mascot. One of the main drivers behind dogecoin's success is its high circulating supply of 132 billion coins. So, even as the total market cap increases into the tens of billions of dollars, its price is still only 30 cents.

This gives people the illusion that the coin is affordable and undervalued. Shiba inu took this idea to the next level by making the total theoretical coin count. 1 quadrillion. Currently there are more than 500 trillion coins in circulation.

The high total supply of the coin is purely a gimmick to make the price appear cheap if anything, it's actually hindrance to the utility of the coin. Imagine going to the grocery store to buy a three dollar box of cereal. This will cost you 46 439 shiba yinu coins. At this point the numbers become so absurdly high.

It would be infeasible to do all the calculations in your head just to calculate your grocery bill. It's also important to remember that dogecoin, the cryptocurrency, which shibuyunu copied was started as a joke. In 2013, two software engineers by the names of jackson, palmer and billy marcus created dogecoin as a joke to show how ridiculous cryptocurrencies are they intentionally made the coin as ridiculous. As possible by choosing the popular shiba inu dog meme as the mascot, they never imagined in their wildest dreams that their joke coin and another copycat coin would collectively grow to a 75 billion dollar market cap or roughly 50 percent more valuable than twitter.

Today, palmer himself says that while crypto was originally intended to be a decentralized network that gives a power to the people, it has devolved into being the complete opposite. According to him, the crypto industry is controlled behind the scenes by a few secret whales who pay for influencers and news outlets to pump up the coins. They then extract money from naive investors who want to buy into this get rich quick scheme. Many crypto enthusiasts write off palmer's comments as him being salty.

After all, he did sell off his dogecoin in 2015 to buy a used honda civic today. This would be worth hundreds of millions of dollars. But if you look at the facts, he actually does have a point: shiba inu isn't even the most ridiculous coin, trying to rip off of dogecoin's success. Recently, the doge father himself, elon musk, acquired a pet shiba inu dog, which he named floki crypto developers were quick to smell opportunity and launched a new coin called floki inu.

In their own words, the project is inspired by elon musk. They made sure to hit all the buzzwords in their marketing materials. They claimed to be working on three projects: an nft gaming metaverse, an nfc and merchandise marketplace, and a content and education platform known as floki university. They further say that they aim to become a top 10 crypto coin and start a new crypto revolution.

We have no idea when or if this will ever be finished, but this hasn't prevented the price from increasing almost 70 fold since its launch in july. The coin appears to be actively traded by day traders with 268 million dollars of volume in the past 24 hours alone. According to coinbase, the rise in price can probably be mostly attributed to their incredibly aggressive marketing campaign on the london public transportation system. Their ads, say, quote: missed doge, get floki, unquote, they're, basically advertising the coin as a get-rich-quick scheme, since dogecoin is already a mainstream meme coin.

Most people think that the easy money has already been made. But if you can get in on the ground floor with floki, maybe you can make a life-changing amount of money by selling it to a greater fool once the price rises. Of course, whenever you have a bubble like this, the only people who are all but guaranteed to make money are the founders and promoters. It appears that floki is a highly sophisticated and well-funded operation.

As you can see here, an entire escalator in the london underground station is filled up with floki advertisements. Obviously it costs a lot of money to buy this ad inventory and the founders plan to make a financial return on this investment and it's probably paid for itself. Many times over with the price skyrocketing in recent weeks, the vast majority of cryptocurrencies are zero-sum games. This means that when one person profits, another person necessarily incurs a loss.

In fact, most of the time it's a negative sum game, as the crypto exchanges charge high transaction fees. When a new company raises money from investors, they use this money to buy machinery or other things that they will use to develop a real business. They will eventually make a real product that creates value for customers, and shareholders will make back their investment in the form of dividends. This is how investing has worked for hundreds of years, but now we're in a new paradigm.

The vast majority of all coins have no fundamental utility and are primarily used as trading vehicles. There are plenty of paper crypto millionaires, but the only way for them to realize their gains is to sell their coins to someone else who is eventually left holding the bag. It's possible that the crypto bubble could inflate for many years to come, because there is no fundamental value. The price can go arbitrarily high or arbitrarily low, but make no mistake.

Eventually these coins will fall into the hands of the greatest fool. Who will end up holding the bag of worthless digital monopoly money? It's no different than poker chips at a casino, and in the long run only the house will win. One of the reasons crypto has been able to skyrocket over the past couple years is that it has been legitimized by supposedly sophisticated institutional investors and billionaires. The same people who said bitcoin was a scam just a few years ago, are now saying it's legit and putting billions of dollars into them.

Multi-Billion dollar hedge funds are now starting to buy crypto as there's growing interest from their institutional clients. Recently, bank of america launched coverage for cryptocurrencies. This means that they'll start writing research reports about various cryptos for their institutional clients to read other large investment banks will probably soon follow suit. The buy-in of institutional investors is a major bull case for crypto, as many investors think that this legitimizes the market.

But just because bank of america is now publishing, crypto research doesn't magically change. Anything institutions are just as liable to fomo as individual investors they've seen. Crypto prices skyrocket over the past year, they're afraid that if prices keep going up, they'll end up looking dumb for ignoring this exotic new asset class, take the example of billionaire investor howard marks a few years ago. He said that bitcoin was worth nothing since then its value has 10x and he now says it's legit.

Nothing fundamental has changed about the coin. The only difference is the price. The institutional interest in crypto is analogous to the tail wagging the dog crypto didn't go up because the institutions finally found out that's legit. In fact, the opposite happened.

Institutions started taking it seriously for no other reason than the fact that the price has increased. Many institutions are only willing to buy bitcoin and ethereum as they considered these coins to be legit, while the mean coins like doge and shiba inu were not but there's a serious flaw in this argument. Compare bitcoin to sheba unicoin. Both of them were created by anonymous founders, both of them have a fixed maximum theoretical supply.

Bitcoin's. Maximum supply of 21 million is a lot lower than chiba supply of one quadrillion, but at the end of the day, they're, both just some big arbitrary number that some anonymous person or people made up neither of them have any intrinsic fundamental utility. The vast majority of coin holders own it purely because they think they can sell it to someone else in the future for a higher price. So if you say that bitcoin is legit, you also have to say that dogecoin, shiva unicoin and floki inu are legit because they're all fundamentally the same thing.

It's fun to talk about shiba, unicoin and watch it go up and down every day. If you go on social media or youtube, you'll see countless people hyping it up talking about the hottest. Meme coin is always good for clicks, but don't be fooled at the end of the day. All these meme coins are just fake money that somebody created to make a quick buck, and whenever one of these founders makes money by launching a new coin, there will always be someone on the other side of the trade left, holding them back when these digital coins.

Ultimately, converge their fair value of zero. The aggregate market cap of all altcoins is currently 1.4 trillion dollars. If you add bitcoin, the total is more than 2.5 trillion. Future generations will look back at the crypto craze of the 2020s as the biggest transfer of wealth from the poor to the rich in world history.

Alright, guys that wraps it up for this video. What do you think about the shiba yunu coin? Do you disagree with us and think its valuation is justified? Let us know in the comments section below, as always. Thank you so much for watching and we'll see you in the next one wall, street millennial, signing out.