All have changed within 24 hours by a single Tweet of Elon Musk
The Shiba Inu has risen by 45.63% to $000.00001588 in the last 24 hours. The spectacular coin rally came as Tesla CEO Elon Musk tweeted on social media about the “Dogecoin killer” cryptocurrency. As a result, Shiba Inu is now the 33rd largest cryptocurrency in the world, with a market cap of $6.42 billion.
At first glance, The Shiba Inu was nothing more than a Meme token, built on the Ethereum blockchain. It was created anonymously in August 2020 by a person or organization known as “Ryoshi”. Nowadays it only takes a few minutes to launch your token on the current blockchain. There is even a graphical user interface site called Coin Tool App that helps people who can’t write code to create their own cryptocurrency.
Elon musk said I hate to disappoint the public, but The Shiba INU is not just another pump and dump. Right now, its tokens are the local currency of the decentralized exchange The Shiba Swap. Users can use their SHIBs to obtain commercial liquidity, buy and sell non-fungible tokens, stake them and earn rewards for verifying transactions. The total value locked on the platform has exceeded $260 million.
Not Only Elon Musk but Vitalik Buterin
And with the support of celebrities, However, Mr, Musk is not the only person who supports "SHIB" but also Vitalik Buterin, the co-founder of Ethereum. He donated one billion SHIB to India’s Covid Crypto Relief Fund. So consider adding a small stake to your Bone-blockchain to see where it goes.
He added, When our award-winning team of analysts has a stock tip, they can pay to be heard. However, that newsletter, Motley Fool Stock Advisor, which has been running for more than a decade, has tripled the market.
What happens next?
With interest in cryptocurrencies exploding during the epidemic, coins such as bitcoins rose to more than $60,000 in April, and small reverse coins such as the Shiba Inu coin have emerged as new favorites among crypto fans.
Shiba Inu Coin, which trades on crypto exchanges such as Coinbase and SHIB, has been trading at around 0.00000500 for the past few months after falling from its peak of 00.00002764 in May.
But the price of a meme coin rose 50 percent on Tuesday after Tesla’s chief executive and cryptocurrency expert Elon Musk took the coin to new heights.
How does Shiba Inu Coin come into being?
The more mainstream meme coin, Dogecoin, emerged from the Shiba Inu coin in August 2020. When it was created by an anonymous founder, Ryoshi, who is believed to be based in China.
The coin has been trading at low and volatile values since its inception but has quickly become a popular alternative to large coins such as Bitcoin and Ethereum, as well as a new follow-up to dogecoin by 2020 and 2021.
His ability to rise Dogecoin, which was criticized in 2013 on the popularity of bitcoin and the inclusion of Shiba Inu’s ‘Doge’ meme in the form of cryptocurrency, led Shiba Inu to be nicknamed the ‘Dogecoin Killer’.
Unlike bitcoin, which is the world’s most popular and dominant cryptocurrency, less easily affected by minor news events and market changes, small reversal coins are more negligible in price due to sudden huge fluctuations.
The Shiba Inu coin was recently listed on Coinbase for the first time in mid-September of 16. Owing to this it has put a great impact on its value as is obvious today.
The prominent remarks of Elon Musk about the Shiba Inu coin
Due to the unequal value of coins such as the Shiba Inu and Dogecoin. They are more likely to experience hard peaks and falls than large cryptocurrencies. The Bitcoin, Shiba Inu Coin, Baby Doge, and DogeCoin.
In the early hours of Monday morning (October 4). The founder of Tesla and SpaceX tweeted a picture of their new Shiba Inu Coin, entitled “Floki Frunkpuppy” – to create a Twitter trend. That was enough rallying to raise its price.
As a result, the Shiba Inu coin changed a whole decimal point, rising from 0.00000500 to about 0.00001131 by 9 pm on Monday.
When it comes to Elon Musk’s Tweet it takes no time
On Tuesday, October 5, Shiba Inu was trading around 0.00000993 at 11:16 AM. It has increased by 50% in the last 24 hours, 95% in the last seven days, and 10,996,200.77% in the previous year.
According to coin market cap.com, Baby Doge was up more than 8% at $0.000000000709 on Tuesday morning.
Musk’s favorite, Dogecoin, rose by 12 percent to $0.2484 on Tuesday, regaining its position as the ninth-largest cryptocurrency based on market capitalization.
In addition, Market experts say the crypto market is still in its infancy. Therefore, it reacts to ruthless statistics like Musk.
However, The Shiba Inu coin seems to be one of the leading figures which can be relied on for long-term hold and grab some good benefits as many had done it before.
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