SHIB Coin: Why Shiba Inu Coin Increases Again
The Shiba Inu coin has seen a massive spike this week thanks to new social media attention.
Elon Musk, CEO of Tesla tweeted a photo of his dog, a Shiba Inu breed named Floki. This dog is the namesake of the cryptocurrency token, the Shiba Inu coin.
So, in response, the hashtag #SHIB began to appear on social media.
- “On Twitter, many noted that the coin removed a zero from its decimal place. Even so, the coin is still worth less than a penny despite the jump, which took it to 0.000001090 cents, ”according to Inside the business community.
The play Shiba Inu has had a recent success which deserves to be noted. According to Benzinga, the #SHIB hashtag has been trending several times over the past week, reaching the top 10 a few times as well.
- The increased attention from social media has also resulted in an increase in the price of the Shiba Inu coin, Benzinga reports.
In September, the shiba inu coin climbed to new levels – with a peak of 35% – after it was added to the Coinbase app, according to Mint, which monitors financial and cryptocurrency news.
- Coinbase, a cryptocurrency trading app, allowed people to start trading and investing in cryptocurrency in September, giving people who may have had access to the coin a chance to invest, according to Deseret. News.
The problem, however, with a Shiba Inu coin tip is that a number of people will invest at the same time. When they do, others will sell, which decreases in value.
- “This type of behavior is the exact reason SHIB is an unreliable asset, because it is literally treated as a pump and dump asset. The cases seen… are similar to what we saw at the start of the July rally, ”according to AMB Crypto.
Yet cryptocurrencies are always on the move, so they can be a dangerous investment.
- “Memecoins are very volatile cryptocurrencies that are known to witness sharp moves based on current events,” according to Mint.