With interest in cryptocurrency having exploded during the pandemic, smaller altcoins like Shiba Inu coin have emerged as new favourites among crypto fans.
Shiba Inu coin, trading on crypto exchanges like Coinbase as SHIB, has been fluctuating around £0.00000500 for the last few months since falling from its peak of £0.00002764 in May – which it reached as Bitcoin soared to over $60,000 in value in April and led a huge price hike for cryptocurrencies across the board.
But the meme coin’s price soared by up to 50% in value on Sunday (24 October) and experienced another spike on Tuesday afternoon as a price rally hiked Shiba Inu coin’s price to £0.000035 after dipping slightly on Monday.
Shiba Inu’s fluctuating price has been swayed by Elon Musk’s tweets, with the Tesla founder’s controversial comments about cryptocurrency often contributing to the rise and fall of Shiba Inu coin’s value.
What is Elon Musk’s net worth? Tesla founder’s worth and Tesla share price after…
Here’s what Shiba Inu coin is, its price today and why its value is rising.
What is Shiba Inu coin – and why is it rising?
A spin-off from the more mainstream meme coin, Dogecoin, Shiba Inu coin emerged in August 2020 after it was created by an anonymous founder known as Ryoshi, believed to be based in China.
The coin has been trading at low and volatile values since its creation, but quickly became a popular alternative to major coins like Bitcoin and Ethereum, as well as a fresh new follow-up to Dogecoin, through 2020 and into 2021.
Its ability to eclipse Dogecoin, which was created in 2013 as a satirical take on the popularity of Bitcoin and enshrined the shiba inu ‘doge’ meme in cryptocurrency form, earned Shiba Inu coin the nickname of ‘Dogecoin killer’.
Unlike Bitcoin, which as the world’s most popular and dominant cryptocurrency is less easily swayed by minor news events and market changes, smaller altcoins are far more susceptible to sudden, large fluctuations in price due to having greater negligibility in value.
Shiba Inu coin was recently listed on Coinbase for the first time in mid-September, with its price increasing by 34% after it was listed on the giant crypto exchange on 16 September.
It has since experienced several bullish runs from crypto investors and traders who hope to see the meme cryptocurrency listed on stock trading and investment platform Robinhood.
Its latest run has seen large wallet holders accumulate even more of the currency, with cryptocurrency data aggregator CoinMarketCap reporting a 79% concentration of SHIB lies with large holders or ‘whales’.
The platform also placed Shiba Inu’s trading volume at $9,276,326,108 on the last 24 hours as of 3pm on Tuesday.
What is Shiba Inu coin’s price today?
Following on from its early October spike, Shiba Inu coin’s price saw another significant rise last weekend (23 October), with its price jumping from £0.000021 at 5.30pm on Saturday 23 October to £0.000032 at 4.30pm the following day.
On Tuesday 26 October, Shiba Inu was trading at around £0.000035 at 1.30pm – the highest price recorded yet for SHIB.
At the time of writing, prices had dipped slightly once more, with SHIB trading at £0.00003188 as of 3pm in a 17.81% increase on the last 24 hours, 56.30% increase on the last seven days and 509.66% climb in the month to date, according to Coinbase.
The meme coin’s price spike has been reflected in a 44,103,262.68% year-on-year increase.
What has Elon Musk said about Shiba Inu coin?
With the negligible price of coins like Shiba Inu and Dogecoin making them more likely to experience tougher peaks and troughs than major cryptocurrencies, Bitcoin, Shiba Inu coin, baby doge and Dogecoin have all been influenced by Elon Musk’s tweets.
In early October, the Tesla and SpaceX founder tweeted an image of his new Shiba Inu puppy with merely the caption “Floki Frunkpuppy” – which was enough to create a Twitter trend hyping up the coin with #SHIB and rallying to increase its value.
During Shiba Inu coin’s price surge on Sunday 24 October, Musk once again swayed the price of the cryptocurrency once again as he was asked by a Twitter user how much SHIB he was holding.
The Tesla founder’s simple response of “none” sent the coin plummeting from the then-record high reached on Sunday.