Image: Twitter/ Unsplash
The crypto market is an extremely sensitive and unpredictable place and it often happens that there is no logic behind the dominance of cryptocurrencies. Shiba Inu gained its popularity 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, October 4, Musk tweeted yet another image of the pup with the caption ‘Floki Frunkpuppy’ which caused a sudden surge in the token’s prices.
After publicly backing the currency, an anonymous buyer decided to purchase 6.3 trillion coins over a span of two days. The anonymous whale began his purchase on October 1 when he bought 6 trillion SHIB coins worth around $43,838,900. The buyer then purchased another 116 billion coins the next day, followed by transactions of 159 billion coins and 1 billion coins. This has not gone unnoticed and has attracted several investors, which has drastically inflated the value of SHIB coins.
According to their official website, SHIB is an experiment in decentralised spontaneous community building. The creators of this token have created it from inspiration from Dogecoin. However, the creators of Shiba Inu aim to make SHIB more than just a joke. The SHIB Token is an ERC-20 compatible with the Ethereum network. The Shiba Inu has been called 'Dogecoin Killer' by its community. The token is also supported by a large community of coin holders who support and promote the coin on social media like Reddit and Twitter.
Ever since the hype behind Dogecoin died down a bit, many new crypto enthusiasts are busy promoting the Shiba Inu Coin. Musk, who has been an advocate for Dogecoin in the past, has now become the leading man for SHIB price changes as his pet is now an internet favourite. However, experts suggest that such a surge in prices of the token, without any major reason, is not healthy for investment. Major investors have predicted the coin's 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.