The course of the Dogecoin offshoot Shiba Inu (SHIB) has more than doubled within a week. Once again, Elon Musk could have been responsible.
Initially, Shiba Inu (SHIB) was dismissed by many as a cheap Dogecoin copy. In the meantime, however, the meme coin has developed its own dynamic. With over 237,227 followers Twitter and a market capitalization of more than 9.3 billion US dollars, SHIB now ranks 20th among the largest cryptocurrencies.
Shiba Inu also shows on Wednesday, October 6th, that dog coin is still good for surprises. In just 24 hours, the meme coin rose 71.24 percent and is trading at around 0.000023 at the time of going to press U.S. dollar.
On a weekly basis, the whole thing looks even better – SHIB is the top performer among the top 100 cryptocurrencies with a price increase of over 230 percent CoinGecko.
Why is Shiba Inu rising?
The crypto market can be very volatile and it is often unclear to many investors why prices are rising. Many cryptocurrencies are often only bought because they are at the top of the top performers or because the price appears subjectively comparatively low.
An important reason why SHIB has been able to perform so strongly in the last few days is probably due to a tweet from Elon Musk.
In the past, Musk had already been able to inspire meme coins such as Dogecoin (DOGE), Floki Inu (FLOKI) or Shiba Inu with his tweets. And this time, too, the Tesla boss’ tweet seems to have been the reason why the SHIB course exploded. After Musk shared a picture of his new dog “Floki”, the price of the meme coin shot up. The increased attention and the resulting dynamism may have meant that Shiba Inu has grown so strongly in the last few days.