Shiba Inu (SHIB), dubbed the “Dogecoin killer,” rocketed to new highs over the weekend, becoming the 11th-largest cryptocurrency by market capitalization.
Shiba Inu, dubbed the “Dogecoin killer,” rocketed to new highs over the weekend, becoming the 11th-largest cryptocurrency by market capitalization. The increase was fueled mostly by two factors. One, there were unsubstantiated rumors circulating in the crypto industry that the currency will be listed on Robinhood, a major stock trading app. Elon Musk, the tech entrepreneur who tweeted a snapshot of the SHIB token traveling to the Moon, was another cause for its quick increase. The Shiba Inu surge, however, was short-lived.
On October 18, while the token was selling at $0.000026, Musk tweeted a photo of a Shiba Inu (Rs. 0.0020). His tweet pushed the coin’s value up over time. It was trading around $0.000027 on Saturday. According to CoinMarketCap, its price has risen over 21% within the past 24 hours to a high of $0.0000478.
Meanwhile, a Change.org petition urged Robinhood to include SHIB on its platform. It received about 3 lakh signatures. This sparked suspicion that the platform would take the proposal into consideration.
Then one of the Shiba Inu Twitter accounts became enthralled and asked Musk how many SHIB tokens he had. “None,” Musk said unequivocally and categorically. As a result, the meme coin began to lose its value. Shiba Inu was trading at $0.0000478 USD at the time of writing this article. It has regained its 11th place on the list of major cryptocurrencies by market cap as a result of this.
Musk has previously endorsed the Shiba Inu currency by tweeting a photo of a dog resting on a Tesla car, despite being a noted Dogecoin backer. Shiba Inu was founded in August 2020 by a person going by the handle Ryoshi, and it has been marketed as a “Dogecoin killer.” It aspires to be the Ethereum-based Doge token’s successor. Shiba Inu Proponents argue that it is more “community-driven” than its cousin and that it primarily promotes creative ventures such as non-fungible token (NFT) art incubators.