Once again Elon Musk has created a buzz in the crypto market on the meme coin Shiba Inu, for which the crypto market has witnessed a Shiba Inu surge of 55%. This digital token that was made for fun surge INU to $0.00001312 in the last 24 hours. Let us have a look at some of the Shiba Inu news today.
Reason For Shiba Inu Surge: The Elon Musk Tweet
The market capitalization of the Shiba Inu cryptocurrency has rushed past the mark of $5.22 billion. The token recently hit that all time high of $0.00001482, but later it gave up some of its gains. The Shiba Inu Coin Elon Musk Tweet is thought to be a reason that fueled the price of this digital currency.
Elon Musk, the CEO of SpaceX recently tweeted a picture of the newest member in his family, Floki, a pet which is the Shiba Inu puppy sitting relaxed on a Tesla. In September he shared a post where he was seen welcoming a new member of his family. Here is the Shiba Inu coin Twitter post by Elon Musk.
Following the tweet of Musk, crypto enthusiasts went crazy over the Shiba Inu coin as the volume of this coin increased more than 770% in a span of 24 hours. The Shiba Inu dog happens to be the mascot of the favorite digital currency of Musk, the Dogecoin. He has also been called as “Dogefather” by its netizens.
Other Reasons For This Surge
However, the sole reason for this rise in the value of this meme coin is not Musk only. There are other reasons as well that led to the Shiba Inu surge. According to Ishan Arora, partners in a crypto hedge fund,
“The team of this crypto seems to be creating projects”
He further added that,
“However, it started as a meme coin with no use case but that is being changed as the team seems to be working on certain things like a decentralized exchange.”
Not only this crypto, other meme coins like Shiba Cash, and Husky soared 75% and 140% respectively. Other tokens that include Akita Inu, Doggy, Baby Doug, Pitbull, and Kishu Inu increased from 15% – 35%.
Dogecoin which is said to be the favorite of Musk increased to 12% to $0.2484 on Tuesday and at the time of writing this, the Dogecoin price is $0.2436 (07.10.2021, 01.15 GMT) and stands in the 9th position among the top m10 digital currencies in the world based on market capitalization. The Shiba Inu coin price in INR is ₹ 0.002350.
According to crypto experts, this market is still in its novice stage and so it reacts to volatile figures like Musk. As per Arora,
“Most people do not have the grasp of their investment thesis and merely follow some influencer and buy such meme coins. However, early Doge investors last year did quite well, so it is not as black and white as most want it to be.”
Conclusion
Ever since the hype behind the use of Dogecoin came down, many new crypto experts are busy promoting the Shiba Inu crypto. Similar things happened recently. Based on a tweet that Elon Musk did, there was a massive Shiba Inu surge of nearly 55%. Other than that the Bitcoin price has also witnessed a breakthrough and is valued at $54,681.00 (07.10.2021, 01.20 GMT). The Shiba Inu coin future can not be predicted now, but in the short run, it has surely seen a rise.
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