Shiba Crypto: Numerous Twitter users pointed out that the coin’s decimal was missing a zero. Despite the rise to 0.00001090 cents, the value of the currency remains less than a penny. According to Coinbase.com, the value of the Shiba Inu money has increased by almost 8,000 percent in the last year.
Retail traders have been attracted to altcoins like dogecoin and Shiba Inu because of their dramatic price fluctuations, which often result in massive profits when compared to more established currencies like ether and bitcoin. According to a previous Insider story, the phony coin accumulated a $9 million fortune for a New York family.
Elon Musk Tweet
Late Sunday, the value of the Shiba Inu dogecoin surged by 30% when Tesla CEO Elon Musk posted another photo of his pooch.
Musk’s dog, Floki, is a Shiba Inu, the same breed as the dogecoin’s mascot. Musk originally posted a photo of his Shiba inu on Sept. 12 with the comment “Floki has arrived.”
As a result of the new article, the hashtag #SHIB began trending on Twitter, as store shopkeepers expressed their delight at the price increase. According to TopStonks.com, the Shiba Inu currency, which debuted in August 2020 as an Ethereum-based alternative to Dogecoin, also saw a spike in comments on 4chan Monday.
Elon Musk’s “Elon Musk Effect” was a significant factor in this year’s spectacular cryptocurrency price fluctuations, but his influence on the market has waned somewhat. Others, like billionaire investor Mark Cuban and AMC CEO Adam Aron, have stepped in to keep the dogecoin hype train running. Shiba Inu SHIB was one of the most successful cryptocurrency projects in 2021. The coin is gaining popularity on social media and Google, which may be a good thing given the cryptocurrency’s increasing availability.
Impact of Shiba Crypto listing on Coinbase
What Happened: Shiba Inu was added to Coinbase Global Inc COIN on Sept. 16, boosting its accessibility to the cryptocurrency’s millions of dealers.
Previously, customers had to exchange the coin via Uniswap or a similar service, which is more difficult for novice cryptocurrency traders.
Shiba crypto interest is increasing throughout Google Trends, with the top search term “will SHIB reach $1” increasing 600% in the past 24 hours. The hashtag #SHIB has trended many times in the top ten on Twitter Inc. in the past 24 hours. Increased search traffic leads to a currency’s price increasing. The coin’s volume has increased by triple digits in the past 24 hours to about $2.8 billion.
What Is Dogecoin’s Importance? How it relates to Shiba Crypto?
The coin’s value increased to over 70 cents per coin in 2021, up from less than a penny at the start of the year. The coin’s value skyrocketed as a result of a number of reasons, including increasing retail trading interest, widespread celebrity endorsement, and accessibility.
Since 2018, has started accepting Dogecoin as payment for its services. Dogecoin is now accepted on more major cryptocurrency exchanges, including Coinbase, Webull, and eToro. The platform-based currency was created in response to increased retail demand.
Shiba Inu may see a similar scenario when the token gets momentum and attention among retail cryptocurrency dealers. Shiba Inu may be bought on eToro, Webull, and Coinbase.
Shiba Inu is anticipated to be featured in Robinhood’s official cryptocurrency wallets. Oftentimes, the introduction of a cryptocurrency on a large trading platform serves as a trigger.
When combined with increasing interest in search, social media trends, and the inclusion of the Shiba Inu to Robinhood, the coin’s value is likely to continue to rise.
SHIB was up 29 percent to $0.00001605 at the time of writing. One of the most often asked questions is if SHIB will ever reach a cent.
In April, the coin hit a peak of $0.00003018. While the coin is still a long way from achieving the status of a penny, bullrun may get it closer.
There are about 394 trillion SHIB coins in circulation at the moment. The currency has an auto-burn feature that consumes the token and reduces its circulating supply.
Shytoshi Kusama, a SHIB developer on Discord, verified the auto burn.
“We do not need more listings; we require utility and, according to many, a substantial burn,” Kusama implied.
Auto-burning may contribute to the reduction of SHIB, thus boosting the value of each surviving coin.
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