Edward Snowden has joined the chorus of critics raising the alarm about the Shiba Inu cryptocurrency.

In a recent tweet, the former National Security Agency adviser warned his followers not to invest their hard-earned money in a “dog-coin clone.”

Snowden believes that the odds of these cryptocurrencies outperforming the market are extremely low.

I say this with love:

If you talk about swapping your hard-earned savings for some new dog money because one of the memes said you’re going to get rich, please consider carefully your odds of outselling the market that sold you his share in *not even dog money but a clone of dog money*

Read:More than 86% of addresses holding YFI cryptocurrency are at a loss

– Edward Snowden October 31, 2021

In another tweet, he encouraged those who already have positions in the currency to take profits.

Snowden: Don’t bet dog coins

The “Dogecoin Killer” has generated a huge amount of hype with impressive profits.

The exotic cryptocurrency has surged 800% this month, becoming one of the top 10 cryptocurrencies by market capitalization.

Earlier this week, Shiba Inu took the title of the largest meme cryptocurrency, challenging Dogecoin, which has already outdone it.

When confronted by a Shiba Inu community member, Snowden said he’s okay with the people who buy “trash.”

However, he is concerned about those who might be manipulated into pawning what they own to buy Shiba Inu.

Snowden’s comments on Sunday mirror those of Tesla CEO Elon Musk.

Billionaire Musk, who is believed to be responsible for the “dog” coin craze, tweeted that he had bought some cryptocurrencies out of curiosity and urged his followers to bet on them.

Attract more crypto-currency meme enthusiasts:

An amazing story about a person who turned $8000 from “Shiba Inu” into $5.7 million was covered by mainstream media around the world.

Many analysts, however, refuse to let this madness continue and argue that the meme bubble will explode at any moment.

The market capitalization of “Shiba Inu” and “Dogecoin” currently outperforms more than 388 companies in the “S&P 500” index.

In a recent tweet, Galaxy Digital CEO Mike Novogratz compared Shiba Inu to electronic car maker Tesla, claiming that both are driven by communities that rely on media thrust.

The Shiba Inu craze has extended to other forms of Dogecoin such as Floki and Dogelon Mars, which are up 270% over the past week.

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