Shiba Inu is a meme coin commonly known as the Doge coin killer. Recently it has experienced a spike, but the million-dollar question is will it last?
Social Media and Shiba Inu
The social media world has not given the meme coin enough attention until recently. This is because Elon Musk, Tesla CEO, tweeted an image of a dog of the Shiba Inu breed.
This hunting dog breed from Japan is agile and copes quite well in hiking trails and mountain terrain. Will the Shiba Inu coin withstand the Crypto terrains?
The Elon Effect
Musk purchased Floki the dog in September, and since it shares a similar name to the meme coin, it was only a matter of time before social media shifted attention to the currency.
Over time we have witnessed how Elon Musk’s tweets determine the price of Cryptocurrency. Take a look at Bitcoin, for example.
When Elon announced Tesla’s reversed approval to accept Bitcoin as a mode of payment, the price of BTC dropped by more than fifteen percent. All Elon did was share the dog’s picture with the caption, “Floki Frunkpuppy.”
Afterwards, the SHIB hashtag started trending. The coin made a slight improvement but remained less than a penny’s worth.
Recently, Coinbase Global inc. also added Shina Inu, making it accessible to more people. As a result, #SHIB went viral and increased Google and social media attention.
After that, the coin price spiked and stood at close to 3 billion dollars as of 4th October.
Shiba Inu and Dogecoin
The price of Dogecoin surged in value (from one cent to seventy cents) thanks to a few factors, including;
- An increase in retail traders interest
- Recognition from famous people like Elon Musk
- And being easy to access
Like Dogecoin, Shiba Inu got added to Coinbase, and although he didn’t necessarily mention it, Elon gave #SHIBA clout. Shiba Inu is also accessible as eToro, Webull, and now Coinbase offers it. This addition will lead to an increase in the interest of retail traders.
So if Shiba Inu follows the Doge trend, investors expect the same success. Rumour has it that Robinhood Markets Inc. will also add it.
Many people are curious as to whether the coin will reach 1 cent. Currently, about 400 trillion SHIB Coins are circulating.
One of the developers confirmed an automatic burn that reduces the supply hence boosting the value of the circulating coins. So to answer the question, it is a distance away but a huge possibility.
Ryoshi, who maintains anonymity to date, founded Shiba Inu last year.
In summary, Shiba Inu is likely to take after Dogecoin’s footsteps. The surge in #SHIBA’s value is a possibility because of Elon Musk’s influence, its easy access after its addition to Coinbase and the eventual increase in the number of investors.
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