Why Is Shiba Inu Coin Up So Much?

Why is Shiba Inu coin up so much

Meme cryptocurrency Shiba Inu has taken the internet by storm. Find out why!

The doge meme and the cryptocurrencies associated with it have been gaining popularity all through 2021, and you have business magnate Elon Musk to thank for it—from spending the first half of 2021 tweeting about Dogecoin to outrightly admitting that he doesn’t have any Shiba Inu

Shiba Inu is an Ethereum-based spin-off of Dogecoin. It was made by an anonymous developer or group of developers called “Ryoshi” and entered the crypto market in August 2020. Its creators have even labeled it as the “Dogecoin killer”. The cryptocurrency has been gaining traction and has become the 12th biggest crypto token with a market capitalization of US$24.04 billion. But what is the secret to Shiba Inu’s popularity, and what does the token’s future look like? Let’s find out.

Reasons behind Shiba Inu’s rising value

A Change.org petition to list Shiba Inu Coin on Robinhood

Shiba Inu gained popularity when a Change.org petition began to request the crypto trading platform Robinhood to list the token on its website. The petition explained how Dogecoin has brought success to the platform and that Shiba Inu coin, with its growth potential, could do the same. At present, the petition has over 5.25 million signatures. 

In October this year, the petition picked up steam, and with it, the prices of Shiba Inu coin surged as well. By October 27, Shiba Inu reached US$0.00008456 in value, rising by 72.62% compared to the day before.

Elon Musk’s influence

On October 4, Musk tweeted a picture of his Shiba Inu pup called “Floki Frunkpuppy”. This led to a sudden rise in Shiba Inu’s prices. Within a day of this tweet, Shiba Inu’s transaction volumes surged by 770%

In spite of Musk’s clarification that he doesn’t hold any Shiba Inu coin, crypto investors have been trying to connect him to the Dogecoin and Shiba Inu coin feud. On November 2, Musk tweeted an ancient Chinese poem that translates to “Beanstalks are ignited to boil beans. The beans in the pot cry out. We are born of the same root. Why should we incinerate each other with such impatience?”

Commentators understood this tweet as Musk’s response to the rising popularity of Shiba Inu coin. 

Can Shiba Inu coin dethrone Dogecoin?

As of writing this article, Dogecoin has a value of US$0.2231 and Shiba Inu has a value of US$0.0000438. However, crypto experts seem to be hopeful about Shiba Inu’s future. 

Simon Peters, crypto-asset analyst at financial services company eToro, says, “As more exchanges begin to list the token and provide investors the opportunity to gain exposure, like any asset it will become more routinely traded alongside the likes of Bitcoin and Ethereum.”

The community behind Shiba Inu has been constantly innovating and trying to find ways to increase the token’s popularity. They have released a number of non-fungible tokens (NFTs) called “Shiboshis”. This is probably why Nirmal Ranga, the Chief Revenue Officer of financial services company Zeb Pay,  says that, “The Shiba Inu token system supports innovative and artistic projects like NFT art incubators.” How the token’s future eventually plays out is yet to be determined. As a prospective investor, you must carefully consider market trends before jumping head-first into purchasing Shiba Inu. 

Header image courtesy of Freepik

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Can AI Help You Flirt Better

Can AI Help You Flirt Better?

“Excuse me, but I think you dropped something: my jaw.” This is the pick-up line the famous artificial intelligence (AI) chatbot ChatGPT dished out when we asked for some viable options. Not the most original, sure, but not bad for a trained algorithm.

4 Popular Companies Offering the Best Vacation Policies

4 Popular Companies Offering the Best Vacation Policies

The work-life balance is becoming increasingly important to many employees, and a comprehensive and generous vacation policy plays a crucial role in achieving this balance. Vacation time gives employees the chance to recharge, pursue personal interests and reap numerous benefits, such as increased job satisfaction, reduced stress and improved overall well-being

Is Using AI for Academic Writing Cheating?

Is Using AI for Academic Writing Cheating?

From films written and directed by ChatGPT to Kindle authors writing books with artificial intelligence (AI), we are seeing more and more reportage on AI writing tools these days. While writing with an AI may seem harmless and possibly helps improve work efficiency, the use of these tools in the sphere of academic writing has generated serious concern. Teachers are worried that the use of AI writing tools is equivalent to plagiarism or cheating.

7 Creative Ways to Reward Employees without a Salary Raise

7 Creative Ways to Reward Employees without a Salary Raise

Giving your employees a raise is a significant way to show your employees that you value their work and compensate them appropriately for their contributions. Failing to acknowledge the work of your employees can be ‌costly for startups. A OnePoll survey of 2,000 workers found that almost half of ‌American workers (46%) have quit a job due to feeling unrecognized