Is the Shiba Inu Price Still Soaring?
I don’t know whether the recent happenings within the Crypto sphere are impressive or depressing. Who would have thought that one day people would become millionaires because another millionaire posted a cute puppy on tweeter? I guess it is true what they say, money follows fame.
A few days back, Elon Musk tweeted his new puppy by the name ‘Floki Frunk Puppy’, and most meme coin prices went surging. Shiba Inu however stood out from the rest because it went up about 215% in one week.
The dog-themed token trend
Sometimes it is hard to take the Crypto market seriously. When a trend catches on, people certainly do the most. Just take one look at the dog-themed tokens and you will understand what I am talking about.
The Shiba Inu token is part of a wider dog-themed token sensation following Dogecoin’s tremendous success. Some of the other dog-themed tokens that have recently come up include:
- Shiba Floki
- Dogecoin pup
- Baby Floki
- Floki Inu
All of the above tokens appear to have been created after Elon Musk announced his intention to get a Shiba Inu dog and name it Floki.
The dog-themed tokens have indeed outdone themselves. Any investors that timed these coins right have certainly had a good year. Right now, Shiba Inu investors are all smiles and I’ll tell you why.
Elon Musk has established himself as an important voice in the Crypto sphere and his tweets have often coincided with price tweaks.
An unexpected price surge
A close friend of mine jokes about Crypto having bipolar disorder and recently I am beginning to buy into this analogy. Mid last month the Crypto market seemed to be crashing. Bitcoin was plummeting and the rest of the coins followed suit.
Once again this price drop was tied to a tweet by the Tesla and SpaceX boss, Elon Musk. According to Musk, Tesla was reconsidering their commitment to accept Bitcoin as a means of payment because its mining consumed a lot of energy. He commented that even though Bitcoin holds great potentials, its mass adoption could not be prioritized over prudent energy consumption.
Around the same time, the crypto world was hit with yet another blow of China issuing a ban on Crypto mining amidst a looming economic crisis (Evergrande).
I don’t know about other Crypto investors, but I was emotionally prepared for a long trajectory of further price drops. I even urged my close friends to buy low and wait to sell high. Little did I know that barely two weeks later the market would not just be back on track, but that most coins would be thriving.
Somehow, Bitcoin was able to hit the $50,000 mark and Shiba Inu somehow rose by 215% becoming the 20th biggest coin by market cap. How can you possibly explain that?
How is the Coin fairing this week?
Some people who were a few days too late to the party are trying to buy Shiba right now. That is not a prudent choice at the moment, it would make more sense to wait for the price to go down.
Since Thursday last week, the price has been going down and by Monday 10/11/2021 4:30 am, it is at $0.00002625 which is significantly lower than the $0.00003502 all-time-high price mark that the coin hit earlier last week.
For now, there is no telling how the price chart is likely to behave. Most people seem to believe that the price is going to decrease in the immediate future; however, we haven’t seen the last of SHIB. It is not too late to buy the coin once the price goes down; who knows, Elon Musk might buy Floki a new sister.