Shiba is a new cryptocurrency inspired by the infamous Dogecoin. In this case, the name is even more literal!
This is a coin that is currently on a massive rise, gaining over 250% in the last few days. This even dwarfs Bitcoin’s potential bull run.
What is Shiba Inu.
This digital currency was launched in August 2020. It happened under similar circumstances to Bitcoin: the founder, using the pseudonym Ryoshi, has remained anonymous. It is believed that he is from China. In any case, this coin has experienced a meteoric rise since it was listed on Coinbase.
This rise from relative obscurity has led to Shiba being nicknamed the Dogecoin Killer. In recent days, he has certainly lived up to that nickname. Given the recent rally, SHIBA looks more ominous than the meme coin DOGE.
Where can you buy shiba?
Finding a reputable crypto exchange to sell Shiba on was quite difficult just a few months ago. But fortunately, a well-known crypto broker has started accepting this coin.
It is a platform recommended by our experts. It has the best ratings and is perfect for buying Shiba. Of course, it is also regulated by all the relevant authorities. eToro charges some of the lowest fees in the industry, is very easy to navigate and offers a lot of learning materials for newbies.
What’s driving the price increase?
Like all things in the crypto industry, massive price spikes can usually be traced back to a single tweet from a well-known billionaire. In this case, it’s Elon Musk. He used to take a particular interest in Bitcoin, then moved on to Dogecoin. Ultimately, however, he has had some involvement with Shiba through his memes and tweets.
In this case, however, it is interesting to note that the massive jump in price is not due to any specific action by Mr. Musk, but simply a tweet about his puppy.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
– Elon Musk (@elonmusk) October 4, 2021
Will the Shiba price continue to rise?
It’s impossible to say at this point. As with all things cryptocurrency, there is a lot of risk in speculation.
All we know is that Elon Musk has some interest (maybe just in his dog), and that could certainly bode well for the future of Shiba!