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Shiba Inu Coin (SHIB): The price of the meme token exploded – after a Musk tweet

Shiba Inu: Japanese dog breed inspires crypto market. (Photo: Shutterstock.com)
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Whether Dogecoin killer , Meme tokens or Shitcoin – the price of the Shiba Inu Coin (SHIB) has quadrupled in the past few days. Again, it’s Elon Musk’s fault.

Elon Musk has one in mid-September get a new dog, a Shiba-Inu puppy. Why is it important? Because Musk occasionally posts photos of the dog named Floki – and investors use this as an opportunity to drive up the prices of certain crypto currencies. A first picture, for example, caused the price of the hitherto largely unknown cryptocurrency Floki Inu to rise by 250 percent within hours. Now the Shiba Inu Coin (SHIB) follows.

Floki is sitting in the Tesla: SHIB course is rising

On Monday, Musk posted a picture of Floki sitting in a Tesla on Twitter. This time, that not only drove Floki Inu to a new all-time high, but also caused a price explosion at Shiba Inu. The meme token, launched in August 2020 by an anonymous person called Ryoshi, is named after the Japanese dog breed of the same name. Shiba Inu refers to the Dogecoin, which started as a fun currency, whose symbol contains a picture of a Shiba Inu.

According to Elon Musk’s tweet, the Sh The iba-Inu rate climbed steeply – from around 0.000008 to 0.000035 US dollars. This roughly quadruples the price of the SHIB, optionally known as Dogecoin-Killers, Shitcoin or Meme-Token, which was only a little short of the previous all-time high in May (0.000038 dollars). Currently, the price has fallen significantly, probably because of profit-taking. On Thursday evening, SHIB is trading below $ 0.000025.

Shiba Inu: More than just a Dogecoin parody?

By the way, fans of the cryptocurrency see Shiba Inu as more than a parody of the Dogecoin. Because the Ethereum-based ecosystem of the Shiba Inu supports projects such as an NFT art incubator and the decentralized crypto exchange Shibaswap. Shiba Inu currently ranks 20th among the most important cryptocurrencies with a market value of a good ten billion dollars. How things could go on with Shiba Inu is questionable. It is possible that – until a new Floki tweet – things will go downhill again for the time being.

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Sallie Anderson
Sallie works as the Writer at World Weekly News. She likes to write about the latest trends going on in our world and share it with our readers.

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