In this article let us discuss the cryptocurrency market and the rise of Shiba Inu Coin in detail. Let us have a look at the Shiba Inu Coin news today as well.
There was a great rise in the price of bitcoin of up to $48,638.99 a few months ago. The reason is the Shiba Inu Coin that has spiked up to its value once added to Coinbase. Almost, there is a rise of 35% over the week. Meanwhile, Dogecoin goes down by 5.8% at the same time.
But still, Dogecoin is considered the largest meme-based crypto coin in the crypto world. This is based on the reports from Bitcoin.com.
Will Shiba Inu’s Price Rise?
The value of Shiba Inu is almost at $0.000008384. This value is going up within one day and it reaches more than 25%. This report is from the CoinMarketCap.
On May 11, similarly, tokens rose to the highest level of almost $0.000003641. But this value seems to be lower before. Thus, it is not easy to predict whether Shiba Inu’s price may rise or drop in the future. Because it involves several factors to predict them easily.
Such factors include
- Regulatory Crackdowns
- High Profile Personalities’ Comments Like Elon Musk
- Other Developmental Factors
What Is Shiba Inu Coin?
Shiba Inu is a type of cryptocurrency token that allows people to buy trillions of them. It boasts the same Shiba Inu dog as Dogecoin and it is much popular nowadays.
If you are invested in cryptocurrencies, it is not sure that making money at all times is not guaranteed.
Coinbase Bringing New Tokens:
Based on MarketWatch, Coinbase is now making attempts to promote the activity in the crypto market. Thus, it is bringing new tokens like Shiba Inu. The platform even added Dogecoin too. Coinbase took this action after seeing other exchange platforms adding new cryptocurrencies to the market.
Why Did Shiba Inu Spike?
Shiba Inu Coin was added to Coinbase in June 2021. Soon after adding this to the crypto trading platform, investors discussed this new coin. They even suspected whether this new coin will increase in price or not. Since it drew more attention on social media, the value of Shiba Inu may rise.
The ‘Musk’ Effect On Shiba Inu:
Elon Musk, the CEO of Tesla Motors just tweeted about this coin on social media, He tweeted about the arrival of this new coin, Shiba Inu. Soon after his tweet, Shiba Inu spiked up.
What Could Contribute To Shiba Inu’s Value?
In May, the Shiba Inu’s value rocketed soon after the announcement of Binance adding this coin on the crypto platform. Again the experts guessed it will increase on September 17 because it is starting its trading on Coinbase.
Most cryptocurrency fans are predicting that Shiba Inu’s value in the upcoming year 2022. But you should stay careful, as you can’t guarantee the rise or fall of the coin’s value. Thus, you need to make a good study before investing in the cryptocurrency market.