Shiba Inu surges more than 240% in a few days, enthralling investors and surprising traders.
Shiba Inu jumped in price only in a few days and holders had a gain of over 240% based on the time and day of their purchase.
While many people are gaining large profits, many traders and investors are not sure if they wish to invest in this meme coin while it’s in a super bullish mode.
Having gained over 200% of profit in a few days, the SHIB hashtag became a trend on social media. From October 3 to October 7, 2021, this memecoin rose by 400%, from $0.00000847 to $0.00003535 before it dropped. At the time of writing this article, SHIB stands at around $0.000025.
Source : Tradingview
This rise was mainly because of Elon Musk’s tweets about the new puppy he has, which is also called a Shiba Inu. This is not the first time that he manipulates the market. Earlier in February 2021, he renamed his bio to Bitcoin and called DOGE "people’s crypto", which was deemed to be support for Bitcoin and helped surge Dogecoin. However, 10 days after that, on February 15, he caused Dogecoin to drop significantly after he criticized it.
Since DOGE had happy days for some investors, they are less concerned this time about investing in this new memecoin. Musk’s tweets caused a huge surge in the price of DOGE in February 2021, but as time passed, Mr. Musk’s tweets were not that influential in the crypto market as in February. But it doesn’t seem to be the same for Shiba. For example, on Twitter, Shiba followers reached 1 million and the total number of Shiba active holders rose.
Shiba was originally suggested as an ‘experimentative token’. Despite that, it will be used in Shibaswap, which is a decentralized exchange, which shows that this token is more functional than DOGE.
It’s interesting to know that prior to the Shiba Inu rally on October 4, an anonymous whale purchased over 6 trillion SHIB tokens worth $43M on September 30 and added another 276 billion SHIB tokens on October 2.
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