As I type this, it’s at 0.000021.
The Shiba Inu coin, similar to Dogecoin, is a meme-based cryptocurrency that was created in August 2020 by an anonymous person (or a group of people) who go by Ryoshi. It was met with much skepticism after traders witnessed the massive rise and steep decline of Dogecoin who came before the Shiba Inu coin.
On the flip side, there are many who are hopeful that the Shiba Inu coin will generate returns that greatly surpass Dogecoin. Frankly, nothing’s impossible with these highly volatile cryptocurrencies considering its rise and fall being largely dependent on the media.
Just look at how the announcement of the launch of 10,000 Shiboshi NFTs and a simple, seemingly unrelated tweet from Elon Musk, can incite a massive rise in the market. All Elon Musk did was post a photograph of his new Shiba Inu puppy on a Tesla in a tweet accompanied by the words “Floki Frunkpuppy”. Then again, he’s not called “The Dogefather” for nothing.
Image credit: Elon Musk Twitter account
#SHIB has been trending on twitter and volumes of SHIB have soared over 770 percent. After Musk’s tweet, there was also a minor spike in Dogecoin prices and a drastic rise in Floki Inu coin prices. Floki Inu is described as ‘the new community-owned meme coin’. It is named after Musk’s own puppy, a cryptocurrency started by fans of his new Shiba Inu.
Image credit: news18.com
So, will SHIB reach 1 cent?
Despite the huge spike in SHIB prices since the tweet, it is still a far cry from 1 cent. All this has shown is just how volatile meme coins can be since many people approach it in a “pump and dump” manner, prices rise and fall sharply in a short time span. It could possibly reach 1 cent in the future or hit a new low – that’s the crypto market for you.
Take Dogecoin for example, it was doing exceptionally well earlier this year, the price went from less than 1 cent per coin to over 70 cents at its peak. People around the world rallying for it to reach one dollar by the end of 2021. It’s now hovering around 25 cents. Then again, a lot can happen in these last few months of the year – especially when it comes to meme coins.