Due to social media attention, a hike in the value of the digital currency has now been a regular affair, and Shiba Inu is the new one.
Shiba Inu coin witnessed a massive jump of 45% in 24 hours, thanks to social media surprising the crypto market. The SHIB Coin token was trading at $0.00001264 on Tuesday, and its market capitalization stood at $4,987,163,972 after a 49% rise on Monday where all the currencies witnessed only a slight increase in prices.
According to the official website of SHIB, the coin was created with inspiration from DogeCoin. However, Creators aim to take a hike and be more serious in perspective in comparison to Doge. The token SHIB is compatible with the Ethereum network. The token has been actively supported by coin holders on platforms such as Reddit and Twitter. It’s also called the Dogecoin killer by its community.
The Crypto market is highly volatile and unpredictable, often coins for no reason take unpredictable jumps that create chaos in the market. However, this time Shiba Inu coin spiked up due to a Tweet from the Tesla CEO, Elon Musk. The price of the coin Skyrocketed right after the Musk tweet.
Elon Musk shared a picture of a new pet dog sitting on a Tesla named ‘ Floki’. Later on Monday, Musk again tweeted the picture with the caption ‘Floki Drunk Puppy’, which caused chaos in the market.
Followed by a Tweet, Crypto fanatics went crazy over the SHIB coin that soared over 770%. But why did a picture of a dog cause such an effect? Well! The picture happens to be a dog from a breed that is the mascot of Dogecoin, Elon’s favourite cryptocurrency.
Will the Shiba Inu coin be able to reach a $1 valuation?
Many supporters of Dogecoin are trying to get a valuation of $1. However, they are still not able to reach that goal, despite Elon Musk’s tweets and its positive market repercussions. Now the same things are moving around with Shiba Inu Coins. Supporters keep on taking its value to US dollar one, and a tweet from Elon Musk has improved its chances.
Prediction on Shiba Inu Coin
Since the hype of Dogecoin has calmed a bit, many crypto fanatics are targeting the new currency Shiba Inu. Many investors have predicted its value to rise to $0.000018 in a year. As per their analysis, no major changes will occur; the Shiba Inu coin is unlikely to achieve a $1 market valuation.
Let’s take a dig at Shiba Inu Coin.
Ryoshi created Shiba Inu Coin in August 2020, is a meme or joke coin named after a Japanese dog breed launched as a rival of Popular Dogecoin. The mascot of Shiba Inu looks similar to Dogecoin; even the platform and model are based on Dogecoin too. The token is hosted and developed on the Ethereum blockchain as an experiment in decentralized spontaneity as mentioned by the founder. The coin received its pace and speed right after its launch due to the dog-faced token. However, initially, the coin price dropped in May 2021 after its co-founder Vitalik Buterin Donated its Shiba Inu Holding of 50 trillion to the India covid Crypto Relief fund. Now, the digital currency Shiba Inu again got its speed after Elon Musk’s latest tweet. The current market price and capitalization of Shiba Inu as of 6 October 2021 stands at $0.00002201 and $497,730,966,630,395, respectively.
Elon Musk is popular for Creating fluctuations in the Crypto market. Every time he tweets, crypto fanatics go crazy for the volume of coins. This time let’s see how it goes.