Finance

Should You Invest in the Shiba Inu Coin That Rallied More Than 325% in a Week?

Shiba Inu Coin

Shiba Inu’s price has risen over 325 % in the last week, putting it ahead of Algoran, Bitcoin Cash, and Stellar in the top 20 tokens. It currently has a fully diluted market valuation of $30.07 billion. The Shiba Inu cryptocurrency has more than quadrupled in value in the last week, spurred in part by Elon Musk’s recent tweet about his puppy.

The rises have been fueled by a wide rise in major cryptocurrencies, which has been supported by positive changes in precipitation, strong technical chart indications, and a lack of Federal Reserve intervention. However, SHIB’s 212 per cent increase in the last week has well outpaced the performance of Bitcoin and Ether, the two most popular tokens, which are both up more than 20% in the same time frame. Tesla Inc.’s CEO sent out a tweet late Sunday night U.S. time with a photo of a dog and the caption “Floki Frunkpuppy,” which may have added to the craze. “My Shiba Inu will be named Floki,” he stated in a tweet in June, adding “Floki has arrived” in a Twitter last month.

What is Shiba Inu coin (SHIB)?

The Shiba Inu cryptocurrency, named after a dog species and created less than a year ago, is an ERC-20-only token that trades as SHIB. SHIB touts itself as the “Dogecoin Killer,” according to the SHIBA INU website, and was first listed on their own ShibaSwap, a decentralised exchange. Shiba Inu may be a “meme coin” for the time being, with little to no underlying value or use cases. However, analysts argue that its popularity should not be overlooked since it represents the actions of a new, rapidly rising class of cryptocurrency traders. SHIBA INU (SHIB) is a decentralised community-building experiment as well as a meme coin comparable to Dogecoin (DOGE).

What made Shiba Inu price surge all of a sudden?

Each Shiba Inu token was worth less than a penny in early January. When both the GameStop and DogeCoin movements were in full swing in late January, the value of DogeCoin soared to 7.5 cents, a 10-fold increase, before plummeting to 2.5 cents.

While Musk has consistently ceased tweeting about cryptocurrencies (which has also been greeted with something like a lot of hostility from those who blame Musk for putting their money in it just to see it no longer increase), Musk does continue to tweet dog pictures. Musk shared another snap of Floki, his new Shiba Inu dog, early Monday morning. Having followed Musk’s tweet, the values of Dogecoin and Floki Inu coin also increased.

Will the prices of Shiba Inu continue to rise?

Even though some Elon Musk followers have established a cryptocurrency after his dog, there are indeed a number of Musk supporters who have recently abandoned ship, fed up with Musk’s continuous tweets attempting to manipulate cryptocurrency values such as Bitcoin and Dogecoin. They’ve even launched their own cryptocurrency, which is exactly what they want Musk to do – stop. People have been blaming Musk exclusively for the spike or decrease in pricing, claiming it cost them money and that he’s’ manipulating’ markets in recent weeks. Some went one step farther and created $StopElon, a cryptocurrency dedicated only to preventing Musk.

Is Shiba Inu the real DogeCoin killer?

The Shiba Inu coin is already existing since August 2020, and it has gradually become popular. The cryptocurrency surpassed Dogecoin and Safe Moon as the most popular digital currency on cryptocurrency exchanges. As a result, the currency has earned the moniker “Dogecoin killer.”

Shiba Inu now has a market valuation of over $10 billion, and because it is modelled after Dogecoin, the latter is in danger from this new crypto. Shiba Inu, according to some observers, is racing against the clock. They believe that if it can generate enough investor interest before the bottom falls out, it will be able to overtake Dogecoin in the near future.

Best time to invest in Shiba Inu Coin

Shiba Inu has gained international recognition as a result of the rising popularity of Dogecoin. Shiba Inu has supporters that promote the token on social media sites such as Twitter and Reddit. Shiba Inu coins are available for purchase in India via BuyUcoin, Sushiswap, and few other crypto trading sites like WazirX.

Following the May 19 crypto crash, the price of Shiba Inu has plummeted, leading many to wonder if the Shiba Inu currency is dead or has a future in the investing market. The Shiba Inu community has expanded considerably as a consequence of the weekend deposits, and it is hoped that it will continue to develop even more.

Is Shiba Inu a good investment in 2021?

If you really want the cheapest price on something like a Shiba Inu, 2021 is the year to do that because the SHIB value has been rising steadily since the beginning of the year and is anticipated to keep rising until it reaches $1. As a result, now is the ideal time to buy Shiba Inu Token in 2021.

Tesla CEO Elon Musk revealed the name of his Shiba Inu dog on Twitter. Musk, who is quite active on social media and tweets to his 57 million followers on anything from electric cars to space research to cryptocurrency, stated: “Floki has Arrived” while sharing a dog image sleeping on the floor.

How to buy Shiba Inu Coin in India?

The Shiba Inu Coin may be purchased through the Uniswap platform, according to their website. Investors will need to build digital cryptocurrency wallets and link them to the Uniswap website in order to purchase the Shiba Inu coin. You must have ETH to acquire Shiba Inu Coins on the platform after your wallet is connected to Uniswap. Ethereum may be purchased on any cryptocurrency exchange, however, moving it to your wallet may incur costs.

On sone of the top cryptocurrency exchanges in India that are industry-leading, quick, and safe trading platforms, you can trade Shiba Inu coins easily. WazirX, an Indian crypto trading platform, has listed the coin. For the time being, interested investors can acquire Shiba Inu using CoinDCX and Coinbase too. They are a decentralised exchange (DEX) based on Ethereum that allows users to buy and sell cryptocurrencies in exchange for ETH and other Ethereum-based tokens. The Shiba Inu Coin Price is $0.00002184 currently and has been listed on other trading platforms too, including BuyUCoin and Binance Exchange, as a result of its rapid popularity.

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