New Delhi: Dog inspired cryptocurrency shiba inu, or SHIB prices have surged to all-time high even as Bitcoin has dropped to its lowest level in a week. While Shiba Inu price has increased by over 72 per cent, world’s largest cryptocurrency Bitcoin has dropped below USD 60,000-mark. Shiba Inu is 11th largest cryptocurrency.Also Read – Bitcoin, Other Cryptocurrencies Could Cause Next Financial Crash; Details Here
Shiba Inu Price Goes Up – Here’s Why
- The exponential jump in Shiba Inu price has come after crypto trading platform Robinhood was urged by a Change.org petition to list Shiba Inu.
- Meanwhile, Tesla Motors CEO Elon Musk, whose tweet in the past became driving force for Shiba inu, has revealed that he has not a single Shiba Inu token.
Musk tweeted, “Out of curiosity, I acquired some ASCII hash strings called “Bitcoin, Ethereum & Doge”. That’s it. As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.” Also Read – Bitcoin, Cryptocurrency Prices Are Plunging; Here’s Why
What is Shiba Inu?
Shiba Inu has often been termed as “Dodgecoin Killer”. Aiming to be Ethereum-based replacement for doge tokens, Shiba Inu has an overall supply of 1 quadrillion, according to Business Insider report. Also Read – Elon Musk Tweets Photo of His New Shiba Inu Puppy Named ‘Floki’, Value of Dogecoin Cryptocurrency Surges!
There are a staggering 6,500 cryptocurrencies out there globally. Bitcoin is the most desirable and is currently available for about USD 60,000 (nearly Rs 45 lakh) per coin with a market cap of about USD 1 trillion, as per an IANS report.
Apart from Bitcoin, there are Ethereum, Binance Coin, Cardano, Tether cryptocurrencies.