Shiba Inu coin Price Increases By Over 100% & Volumes By 770% - Thanks To Elon Musk.

Shiba Inu coin Price Increases By Over 100% & Volumes By 770% - Thanks To Elon Musk.

2021-10-06 | Big Bob

Shiba Inu coin Price Increases By Over 100% & Volumes By 770% - Thanks To Elon Musk.

Elon Musk has generated a stir in the meme token market once again, with the Shiba Inu (SHIB) currency going insane. In the previous 24 hours, the made-for-fun digital token has increased by 55 percent to $0.00001312. Shiba Inu's market capitalization has surpassed $5.22 billion. The token had risen to a peak of $0.00001482 but had since lost part of its gains. Elon Musk, the SpaceX CEO, shared a photo of his newest family member, a Shiba Inu dog named Floki, perched on a Tesla. In September, he sent a statement on Facebook introducing a new member of his family. Shiba Inu coin Price Increases By Over 100% & Volumes By 770% - Thanks To Elon Musk.

Image Source: Instagram

Following Musk's article, crypto fans went crazy about SHIB, with trading volumes increased by over 770 percent in only one day. Dogecoin, Musk's preferred cryptocurrency, features a mascot of the same breed. Elon Musk, the CEO of Tesla, has been nicknamed the "Dogefather" by internet users. Musk, on the other hand, isn't the only cause for Shiba Inu's sudden vertical rise. According to Ishan Arora, Partner at Tyche Block Ventures, a crypto hedge fund, the Shiba Inu team appears to be working on a project. Shiba Inu, Husky, and Shiba Cash, two meme tokens, all increased by 140 percent and 75 percent, respectively. Gains of 15 to 35 percent were seen in the Akita Inu, Baby Doug, Doggy, Kishu Inu, and Pitbull breeds. On Tuesday, Musk's favorite cryptocurrency, Dogecoin, jumped 12% to $0.2484, reclaiming its position as the ninth-largest cryptocurrency by market capitalization. According to market analysts, the crypto economy is still in its infancy. As a result, it reacts to erratic figures like Musk. Following rumors of a large whale buy, the price of meme coin Shiba Inu (SHIB) has doubled in the previous few days. Investors continue to pour money into the digital currency, which was catapulted into the limelight earlier this year with the Dogecoin craze. SHIB's TVL (total value locked) increased to about $2 billion in July. Its value has already dropped below $300 million, but that hasn't stopped a mystery whale from stockpiling Shibu Inu. An unidentified whale purchased 6.2 trillion SHIB for $44 million in late September, according to a recent transaction. Shiba Inu coin Price Increases By Over 100% & Volumes By 770% - Thanks To Elon Musk.

Shiba Inu Price Chart: Source - CoinMarketCap

However, it appears that SHIB has benefited from more than just the whale acquisition. Shiba Inu may be launching a new initiative, according to Ishan Arora, a partner at crypto hedge fund Tykhe Block Ventures. It began out as a joke coin with little practical application, but that is changing now that the team appears to be focusing on things like a decentralized exchange. The so-called Dogecoin-killer was created to capitalize on the current meme coin frenzy. Arora, on the other hand, advised investors to stay away from one-hit wonders until they had more substance.

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