The Shiba Inu coin is now the 20th biggest crypto by market cap, partly impacted by Elon Musk’s latest tweet about his own puppy.
Tesla CEO Elon Musk tweeted a picture of his dog, a Shiba Inu breed named Floki. That dog is the namesake of the cryptocurrency token, Shiba Inu coin. The three-day run spike is demonstrating the influence the Tesla boss has in crypto markets.
Shiba Inu was founded by an anonymous person going by the name Ryoshi last year, and the coin’s website refers to it as “a decentralized meme token that evolved into a vibrant ecosystem.” It appears to have been made in the vein of Dogecoin, a cryptocurrency that was created as a joke in 2013, but has since become a popular token that’s used for payments by some teams in sport, AMC theaters, etc.
A few analysts have an opinion that the rally in SHIB could be the result of FOMO (fear of missing out) – a key factor they maintain is the main reason behind the popularity of such cryptocurrencies. Which seems that have started as a joke in the beginning. They maintain that they have no real value and use cases unlike the DeFi cryptos for instance, and as a result, only climb higher on account of sentiment.
Also, an anonymous bought a SHIB coin over last two days. The whale bought 6 trillion SHIB coins worth around $43,838,900. The whale then bought another 116 billion coins the next day, followed by two more transactions of 159 billion coins and another 1 billion coins.
