The Shiba Inu Coin (SHIB) has increased by more than 45 percent in the last 24 hours. As of Tuesday, the token was trading at $0.00001264, with a market valuation of $4,987,163,972, up 49% from Monday.
According to SHIB’s official website, it is an experiment in decentralised spontaneous community creation. The designers of the token claim to have drawn inspiration from Dogecoin.
Shiba Inu sought to be Ethereum’s answer to Dogecoin’s Srypt-based mining method. Shiba Inu and the SHIB token are among several dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM).
Shiba has risen in value following a tweet from Tesla CEO and Dogecoin investor Elon Musk. Shiba Inu prices have previously surged in a very short amount of time after Musk released a picture of his new pet dog , ‘Floki.’ On Monday, Musk tweeted another image of the dog with the phrase ‘Floki Frunkpuppy,’ causing the token’s price to skyrocket.
Previously, Musk promoted Dogecoin, but now he is the face of SHIB price changes because his pet has become the internet’s favourite.
However, experts believe that the sudden increase in token price is not favourable for investment. Many large investors believe that the token’s worth will climb, but only to roughly $0.000018 in a year’s time.
No major cryptocurrency market expert or organization believes the coin will hit $1 in the next three to four years.