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What caused the price of a Shiba Inu (SHIB) to skyrocket by 300 percent in the last week?

Byadmin

Oct 11, 2021
What caused the price of a Shiba Inu (SHIB) to skyrocket by 300 percent in the last week?

Shiba Inu news

Elon Musk isn’t the only one who can send cryptocurrency prices soaring with a single tweet; his dog looks to be capable of doing the same. Musk’s photo of his shiba inu puppy, Flocky, is said to have sparked a recent surge in shiba inu adoptions (SHIB).

In 2013, the Shiba Inu dog breed was the focus of a flurry of viral memes. As a result of their efforts, Dogecoin, a popular meme coin, was established (DOGE).

What elements have had a role in the establishment of meme cryptocurrency?

Shiba Inu news

SHIB’s recent purchasing spree was most likely motivated by Flocky’s image. There are, however, other considerations to consider.

The overall bitcoin market is growing. In the last week, Bitcoin (BTC) has climbed by more than 25%, reaching levels not seen since April.

A number of well-known cryptocurrency exchanges offer SHIB for purchase and trade. In mid-September, SHIB got listed on the prominent exchange Coinbase.

SHIB is also available on other exchanges such as Binance.US and Crypto.com, making it more accessible to the general public.

In July, Shiba Inu debuted ShibaSwap, a decentralized exchange (DEX). DEX is a peer-to-peer cryptocurrency trading platform that allows users to trade currencies directly with one another without the involvement of a middleman.

Will the Shiba Inu be the Dogecoin’s successor?

Many coins are striving to replicate Dogecoin’s tremendous popularity. Shiba Inu is one of them. It was established in August of 2020.

DOGE is more “useful” than Dogecoin, which was founded as a joke and never intended to be used.

Users can trade NFT, bet coins (link them together to earn interest and help protect the network), and collect rewards in a variety of ways on Shiba Inu’s DEX. Dogecoin, on the other hand, has recently gained a lot of popularity as a payment option.

Is SHIB worth buying?

For some investors, short-term speculation on meme coins like Dogecoin could be profitable.  Those who purchased before this week’s massive spike will be happy with their gains. However, just because costs are growing doesn’t mean you should buy, especially if you’re only buying to utilize in a pet-related social media post.

It’s usually a good idea to be careful when buying a coin that has lately hit a new high. If you’re searching for a long-term investment, there are two further reasons to avoid SHIB.

SHIB was founded by an unnamed individual. Whatever the investment, it’s critical to know who’s in control and how much experience they have. This will enable you to assess how successfully he or she will handle any issues and safeguard your funds.

Their notoriety isn’t always deserved. Shiba Inu attempted to link its initiative to Ethereum (ETH) founder Vitalik Buterin, however the link has been questioned.  Buterin was offered half of SHIB as a publicity stunt. Buterin donated the remaining 10% of the SHIB he had received to charity after discarding the remaining 90%.

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