The Shiba Inu Coin (SHIB) is up by over 45 per cent in the last 24 hours. As of Tuesday the token is trading at $0.00001264 while its market cap stood at $4,987,163,972 having risen by 49 per cent since Monday.
As per the official website of SHIB, it says it is an experiment in decentralised spontaneous community building. The token creators say they have taken inspiration from Dogecoin. Shiba Inu aimed to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM).
Reason for Shiba Inu going up?The token has gone up after a tweet from Tesla CEO and Dogecoin investor Elon Musk. The price of Shiba Inu had earlier skyrocketed in a very short period after Musk shared a picture of his new pet dog named 'Floki'. On Monday, Musk tweeted yet another image of the pup with the caption ‘Floki Frunkpuppy’ which caused a sudden surge in the token’s prices. Earlier Musk used to promote Dogecoin, but now he has become leading man for SHIB price changes as his pet is now internet's favourite.
But according to experts the surge in token price without any major reason, is not said to be good for investment. a lot of big investors have predicted the token to value to rise but only up to around $0.000018 in a year's time. No major crypto market expert or firm suggests that the coin will reach the $1 mark in the next three to four years.