There was once upon a time a very special dog. That dog was a SHIBA INU, and it encouraged millions of people all around the world to invest in tokens featuring the dog’s image.
SHIB is the “DOGECOIN KILLER,” according to the SHIBA INU website, and will be listed on its own ShibaSwap, a decentralized exchange. SHIBA INU coin was developed under the name “Ryoshi” in August 2020.
SHIBA INU (SHIB) is a currency that aims to be an Ethereum-based counterpart to the popular memecoin Dogecoin (DOGE). Unlike Bitcoin, which is intended to be scarce, SHIB is planned to be plentiful, with a one quadrillion circulation supply. The SHIBA INU Token ecosystem supports initiatives like the NFT art incubator and the creation of ShibaSwap, a decentralized exchange.

What Makes SHIBA INU Unique?

The SHIBA INU website allows dog-inspired artists from across the world to participate in the “creative SHIBA revolution” by introducing their SHIBA INU community to the NFT market.

SHIBA INU has also launched an Amazon Smile campaign to raise funds for the SHIBA INU Rescue Association, which rescues actual, live SHIBA INU dogs.

SHIBA INU coin price: Why meme crypto climbed in value after Elon Musk tweeted about his puppy

SHIB coin is a meme coin and welcomes that,” adds Caselin, referring to the new class of meme coins popularized on sites such as TikTok and Reddit. “The meme coin movement is anti-formal and anti-protocol… As a result, Dogecoin began as a joke, and the SHIBA white paper is known as the woofpaper,” he explains.

Ryoshi says that “he does not own any coins and that after inventing the currency,” he handed half of the coins to Vitalik Buterin, the co-founder of Ethereum. In principle, Buterin will be able to dominate the market on his own and wreck SHIB’s value if he sells all of his shares. Buterin was given this authority on purpose.

From August through early this year, the SHIB currency existed in relative obscurity, until a rise in interest in Dogecoin prompted traders to look for the next big thing.

“Dogecoin’s success has certainly assisted SHIB coin’s rise,” adds Hsiao. The emergence of Dogecoin may be attributed in part to the repercussions from the GameStop debacle in March, when individual retail traders who fueled GameStop’s ascent moved to joke cryptocurrencies. Tesla CEO Elon Musk’s regular tweets in support of the Dogecoin also helped it acquire credibility.

In late April, NBC revealed that Musk will appear on Saturday Night Live in May, which was Dogecoin’s big moment.

Musk’s participation on Saturday Night Live upset several crypto traders when he jokingly referred to the Dogecoin as a “hustle,” causing its value to increase by 30%. SHIB appeared to take advantage of the SNL buzz. Binance put SHIB on its platform two days following Musk’s presence, and the price of SHIB quadrupled.

Elon Musk, the CEO of Tesla, posted a photo of his SHIBA INU, Floki, on Twitter. SHIBA INU coin, a cryptocurrency token, is named after such dog.

As a result, the hashtag #SHIB became popular on social media.

  • Many people on Twitter pointed out that the coin’s decimal was missing a zero. Despite the increase to 00001090 cents, the currency is still worth less than a penny, according to Business Insider.

It’s worth mentioning that SHIBA INU currency has had some recent success. According to Benzinga, the hashtag #SHIB trended numerous times in the previous week, even hitting the top ten on a few instances.

  • According to Benzinga, the additional social media attention contributed to a rise in the SHIBA INU coin price.

According to Mint, which tracks financial and cryptocurrency news, the SHIBA INU coin rocketed to new heights in September after being added to the Coinbase app, with a 35% increase.

  • According to the Deseret News, Coinbase, a cryptocurrency trading software, allows individuals to start trading and investing in the cryptocurrency in September, allowing those who may not have had access to the coin to do so.

    Why SHIBA INU coin might not grow again?

    According to AMBCrypto, a cryptocurrency news site, the value of SHIBA INU coin increased as a result of the Coinbase launch, but the increase did not continue long enough to indicate sustainable growth.

  • SHIB coin grew by 87% in one day after being featured on Coinbase Pro. Despite this, the SHIBA INU currency has been stuck around 0.00001010 since May, when the excitement for the coin was at its peak.
  • Investors in SHIB coins sold all of their coins at that moment, lowering the value. The future of SHIB is unknown, and experts warn that it may already be too late to participate. The price of SHIB fell 14% to $0.000029 after reaching a high of $0.000034.

  • “Because SHIB is viewed like a pump-and-dump asset, this type of conduct is the precise reason why it is an untrustworthy asset.” According to AMB Crypto, “the occurrences recorded yesterday are comparable to what we saw at the start of the July rally.”