thenewscrypto.com
- Musk had previously released a photo of his new pet dog called ‘Floki’.
- Famous crypto analyst watcher.guru posted a critical fact.
Dogecoin inspired the authors of this currency. The makers of Shiba Inu want SHIB to be more than a joke. The SHIB Token is an Ethereum ERC-20 compliant token, and this community calls it the “Dogecoin Killer.” Many coin holders support and promote the token on social media sites like Reddit and Twitter.
Cryptocurrencies that have no cause to be at the top frequently get puffed up in a turbulent and unpredictable market. However, a tweet from Tesla CEO and Dogecoin investor Elon Musk has inflated the currency.
Musk had previously released a photo of his new pet dog called ‘Floki’, causing the price of Shiba Inu to rise. After Musk tweeted another photo of the dog with the caption’ Floki Frunkpuppy,’ the token’s price skyrocketed. Since Dogecoin’s excitement has waned, many new crypto fans have been actively promoting Shiba Inu Coin. Musk, a longtime supporter of Dogecoin, is now the face of SHIB price fluctuations since his pet has become an online sensation.
Experts say that such a sudden rise in the token’s price is not good for investing. Investors expect the coin’s value to climb to roughly $0.000018 in a year. No major crypto market analyst or business predicts a $1 coin in the next three to four years.
Astonishing Year-to-Date Gains
Famous crypto analyst Watcher.Guru posted a critical fact about Shiba Inu recently, mentioning the price of the token a year back and the gain it provided to its holders.
On this day one year ago, 1 $SHIB was worth 0.000000000001.
— Watcher.Guru (@WatcherGuru) November 23, 2021
Today, one #SHIB is worth 0.000044, that’s a 55,200,000% increase in 365 days. pic.twitter.com/D8HYkYIxo1
SHIB, which began as a joke, gained traction when its founders revealed their plans to build an NFT network modelled on the Shiba Inu Network. Earlier last year, when Vitalik burnt approximately half of Shiba Inu supply, the coin’s price soared.