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shiba inu coin saw 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, 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.
shiba inu coin has had recent success that deserves to be noted. Through Benzinga, the hashtag #SHIB has been trending several times over the past week, also reaching the top 10 a few times.
- The increased attention from social media has also led to a rise in the price of Shiba Inu coins, 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 the 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 observed… are similar to what we saw at the start of the rally in July ”, according to WITH 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.
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