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

5 Essential Tricks to Master Microsoft Excel

5 Essential Tricks to Master Microsoft Excel

Microsoft Excel (MS Excel) is a must-have for any business. It is a powerful spreadsheet software application that allows users to store, organize and analyze data. While Excel is fairly easy to use, it can be tricky to become an expert. Don’t know where to start? We have compiled a list of easy-to-follow hacks that will help you become a pro at Excel!

Top Three Weirdest Mobile Game Advertisements

Top Three Weirdest Mobile Game Advertisements

Whether on YouTube or Instagram, I’m sure you all must have seen at least one mobile game advertisement. One common trope with today’s mobile game advertisements is that they tend to mislead their audience.
You might have come across these weird ads while scrolling through social media: In the ad for the strategy game “Game of Sultans”, a sultan is fat-shaming his daughter; in the match-three puzzle game “Lily’s Garden” ad, women use washing machines as vibrators.

The Maximalist Fashion Trend Where Did It Come From and Where Is It Going

The Maximalist Fashion Trend: Where Did It Come From and Where Is It Going?

If you Google “maximalist fashion”, you will be swamped with dressing guides dedicated to this “the more, the better” trend published by leading fashion magazines in 2022. Rapidly gaining popularity in the last couple of years, maximalist styles are breaking out of the runway of an Haute Couture fashion show, a red carpet event or a K-pop performance to conquer streets in high fashion neighborhoods.

How Is Technology Influencing the Food and Beverage Industry

How Is Technology Influencing the Food and Beverages Industry?

Food waste, sustainability and animal cruelty are some of the biggest challenges facing the food and beverage (F&B) industry nowadays. Like any other sector, the industry is dipping its toe into technology and innovations to seek solutions. While we are already seeing more food tech solutions in our everyday lives, like plant-based meat alternatives and food waste management startups.

3 Innovations for a Cleaner Environment You Never Heard Of

3 Innovations for a Cleaner Environment You Never Heard Of

Innovation in clean energy, sustainable infrastructure and eco-friendly solutions to environmental hazards are the need of the hour. The burden on the world’s natural recourses is immense, and it is high time we focus on renewability and diversification. While we are only scratching the tip of the iceberg, here are three innovations working to create an environment-friendly future.