SHIBA Defies Elon Musk to Hit an All-Time High of $0.00005
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SHIBA has become the first crypto to defy Elon Musk with a move to an all-time high in price. This comes a few days after Elon Musk said he doesn’t own any SHIBA coin. He even advised against investing in cryptocurrencies because it could amount to losses.
It all started when a Shiba fan asked Elon if he owned any SHIBA coin. In a record time response, Elon said he didn’t but went ahead to claim he has ownership of other competing coins such as Bitcoin, Ethereum, and Dogecoin.
Normally, this would cause a huge market fall for SHIB due to the power Elon holds over this market. In a quick turn of things, the market experienced a short period of shorts but didn’t last. It has since responded with a huge rise to an all-time high.
SHIBA has become the first crypto to defy Elon Musk with a move to an all-time high in price. This comes a few days after Elon Musk said he doesn’t own any SHIBA coin. He even advised against investing in cryptocurrencies because it could amount to losses.
What is SHIBA INU COIN?
SHIBA INU COIN is a cryptocurrency that has been existing since 2020. Many people refer to it as a meme coin due to its earlier concept. However, it has become so successful that it is almost joining the list of top 10 biggest cryptocurrencies. It currently ranks as number 11.
It is a peer-to-peer cryptocurrency and is also venturing into other areas such as supporting NFT development and transactions.
It has a supply of close to 400 trillion coins. However, this number is constantly shrinking due to the burning strategy. This aims at reducing the amount of circulating Shiba in the long term.
Why is Shiba’s price rising?
No one has an answer to this. However, most analysts argue that is it due to the growing demand for penny coins based on their growth potential. Shiba is mimicking a similar path by its peer Dogecoin. DOGE experienced huge price growth in a matter of days.
Some argue that the recent popularity of the coin is attracting more investors. SHIBA is probably among the top famous cryptocurrencies in the market currently. This is evident through some of the statistics on some social platforms such as Twitter.
The coin-burning strategy is also contributing to the price growth. Every day, billions of Shiba coins are being permanently destroyed.
This results in a reduction in supply helping boost price. Each of these factors has a role to play in the new SHIB price resurgence.
Future of SHIBA INU COIN
The future of SHIBA has a close relationship will that of other meme coins. The joke role is slowly passing always as they now strive to add more value to the market.
We have seen this through the launch of NFT Shiboshis by the Shiba network. These activities will be key in driving the growth and acceptability of SHIBA.
Currently, the number of investors continues to grow at an average rate of 5% per day. Although it is hard to maintain this type of growth, the future looks brighter.
On matters of pricing, the majority of SHIBA analysts believe there is huge room for growth. Its valuation is still below a penny and could go as high as one penny.
The crypto industry is still new. Hence, events of the macro industry such as regulation will also be key in how the coin progresses.
What is SHIBA INU COIN?
SHIBA INU COIN is a cryptocurrency that has been existing since 2020. Many people refer to it as a meme coin due to its earlier concept. However, it has become so successful that it is almost joining the list of top 10 biggest cryptocurrencies. It currently ranks as number 11.
It is a peer-to-peer cryptocurrency and is also venturing into other areas such as supporting NFT development and transactions.
It has a supply of close to 400 trillion coins. However, this number is constantly shrinking due to the burning strategy. This aims at reducing the amount of circulating Shiba in the long term.
Why is Shiba’s price rising?
No one has an answer to this. However, most analysts argue that is it due to the growing demand for penny coins based on their growth potential. Shiba is mimicking a similar path by its peer Dogecoin. DOGE experienced huge price growth in a matter of days.
Some argue that the recent popularity of the coin is attracting more investors. SHIBA is probably among the top famous cryptocurrencies in the market currently. This is evident through some of the statistics on some social platforms such as Twitter.
The coin-burning strategy is also contributing to the price growth. Every day, billions of coins are being permanently destroyed.
This results in a reduction in supply helping boost price. Each of these factors has a role to play in the new SHIB price resurgence.
Future of SHIBA INU COIN
The future of SHIBA has a close relationship will that of other meme coins. The joke role is slowly passing always as they now strive to add more value to the market.
We have seen this through the launch of NFT Shiboshis by the Shiba network. These activities will be key in driving the growth and acceptability of SHIBA.
Currently, the number of investors continues to grow at an average rate of 5% per day. Although it is hard to maintain this type of growth, the future looks brighter.
On matters of pricing, the majority of analysts believe there is huge room for growth. Its valuation is still below a penny and could go as high as one penny.
The crypto industry is still new. Hence, events of the macro industry such as regulation will also be key in how the coin progresses.
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