Elon Musk, the man behind Tesla, declared he was getting a Shiba Inu. The entrepreneur did not clarify if he meant the canine breed puppy or the cryptocurrency Shiba Inu (SHIB), which features an image of a cartoon dog. This is reported by https://buidlbee.com/will-the-shiba-inu-coin-reach-10/.
Cryptocurrency Shiba Inu
Ryoshi is an anonymous user who is considered the creator of the meme token. If initially it was created as a parody of Dogecoin, today Shiba inu is presented as a decentralized ecosystem.
The project was launched spontaneously. But a few weeks after the launch, the coin has increased by 27,000%, while its price is not even 1/10 of a cent.
In the world of cryptocurrencies, a man named Vitaly Buterin plays an important role. Being the father of Ethereum, he received a gift from the Shiba inu developers. They gave him 50% of all existing coins on a free basis. This step is regarded as a marketing ploy.
The Shiba inu cryptocurrency operates on the Ethereum blockchain, despite the fact that many developers are abandoning it due to high fees. Today, a large number of other blockchains operate with minimal fees. But Shiba inu was created on Ethereum for the following reasons:
- The network is secure.
- The network has a good reputation.
- The network provides good opportunities for decentralization.
Ethereum is suitable for a project to change and develop without any obstacles.
The history of the rise of SHIB
After a two-day hiatus, Elon Musk returned to Twitter on February 4, 2021, with posts regarding the cryptocurrency meme Dogecoin. The cost of the currency rose by 75% in a short period of time. Musk first tweeted just the word “Doge” after posting a picture of a rocket traveling to the moon. He then posted numerous additional tweets and included a meme featuring the most well-known clip from “The Lion King.” Tens of thousands of people retweeted the posts as a result, which raised the price of Dogecoin. The Shiba Inu dog cryptocurrency reached a record high on February 8, 2021. The token’s price increased to a high of 8.2 cents, and its market capitalization reached $10.5 billion.
Later, the growth of Shiba Flocki slowed down to 862%, while the altcoin trading volumes continued to grow.
After a tweet with a photo of Floki, the price of the Floki Inu cryptocurrency (by 139%) and Dogecoin (by 5%) also increased.
In addition to Floki, Elon Musk has several other animals – these are the dogs Gatsby Mask and the Martian Marvin, and also the cat Schrodinger. To the question of one of the subscribers about how the pets accepted Floki, Musk replied: “They are … not friends yet.”
The second reason for the growth
The second reason for the growth was the new token burning strategy. After the token burn by Vitalik Buterin, Shiba Inu developers burned another $25,000 in SHIB tokens on ShibaSwap’s own DEX exchange, which caused a new surge in price. In addition, in the near future, tokens will be burned when buying and selling Shiboshis NFT tokens through the NowPayments.io service. Since listing on exchanges, the price of SHIB has grown by more than 1.7 million percent, hitting the top 20 by capitalization and the TOP 10 cheapest cryptocurrencies.
The history of the rise of DOGE
In 2021, the founder of Tesla and SpaceX, Elon Musk, launched a “dog trend”, saying that Bitcoin mining is not environmentally friendly, and the world’s most popular meme-cryptocurrency, Dogecoin (DOGE), is much more effective than digital gold. The DOGE course immediately reacted to the tweets of the richest engineer and entrepreneur in the world, and following the cryptocurrency, the prices of other tokens, such as Akita Doge (AKITA) and Shiba Inu (SHIB), also rose, not counting the many copycats of Dogecoin – Doge DeFi.
The price of DOGE has increased by more than 100 times since the beginning of the year, the peak value was ~ $0.73, now the coin costs about $0.13.
Conclusion
The key here is that there are coins that jumped just because Musk tweeted the name, there are assets that started to grow due to a good foundation in the form of promising projects.
