Elon Musk and Shiba Inu
Tesla, SpaceX, and Twitter have done it many times in the past, regardless of whether the billionaire owner intended it or not. Most notably, the price of the Dogecoin cryptocurrency saw a huge price swing following Elon Musk’s tweets.
This has led cryptocurrency investors to wonder if Elon Musk is potentially involved in other cryptocurrencies as well. Let’s see if there is a connection between Elon Musk and Shiba Inu, a cryptocurrency similar to Dogecoin in many ways. Does Elon Musk own SHIB and does he have an interest in the project? We will find out.
What is a Shiba Inu?
Shiba Inu is a meme currency heavily inspired by Dogecoin. Like its famous competitor, the Shiba Inu cryptocurrency uses the popular dog breed Shiba Inu in its branding. Unlike Dogecoin, which has its own blockchain, Shiba Inu is issued as an ERC-20 token on the Ethereum blockchain.
The Shiba Inu (SHIB) part was created in August 2020 by “an anonymous person named.ryoshi“‘. Another important person in the Shiba Inu project is “Shitoshi Kusama“, who led the development of the project.
Before the launch of Shiba Inu, a large number of meme currencies were already in circulation, including Dogecoin. Meme currencies are cryptocurrencies inspired by internet memes and jokes. In most cases, meme coins have a very large circulating supply, which leads to a low price for the coin (the market capitalization can be large).
While the Shiba Inu has similarities to other meme pieces, it is unique in many ways. Unlike some meme currencies that don’t offer much outside of branding, the Shiba Inu Project has developed quite a few products. For example, Shiba Inu has a decentralized exchange (DEX) called ShibaSwap, which started as a fork of SushiSwap. Shiba also offers several other offerings including NFT.
The Shiba Inu team has several projects to make the SHIB ecosystem more robust and valuable. To expand the utility of SHIB tokens, the team introduced a metaverse. In addition, a Shibarium layer-2 scale network is constructed to accommodate the entire ecosystem. These developments could be just what Shiba Inu needs to become the next cryptocurrency to explode.
Explosive rally of Shiba Inu in 2021
Shiba Inu was one of the top gainers in the cryptocurrency bull market of 2021. Meme currency showed incredible price growth between April and December 2021. On April 12, 2021, the coin was worth $0.000000105208, but on May 12, 2021, it reached $0.00003078.
After the first bullish phase, the Shiba Inu price fell and fluctuated in June, July and August. Towards the end of September, it resumed its upward trend. On October 28, 2021, the coin reached an all-time high of $0.00008819.
The meteoric rise of the Shiba Inu market in 2021 has alerted people to the fact that meme currencies can be more valuable than people think. While the current price is about 89.47% below its all-time high, SHIB still maintains a market cap of $4.85 billion at the time of writing.
It is important to note here that the explosive 2021 Shiba Inu rally happened at a time when the cryptocurrency market was generally doing very well. Dogecoin was also doing well at the time, but Shiba was at the top among the biggest gainers. This growth has led to similarly themed meme currencies entering the cryptocurrency space. Many traders and investors are eager to discover the next piece of Shiba Inu.
Does Elon Musk own a Shiba Inu coin?
Elon Musk has a thing for Dogecoin, leading users to speculate whether he is also a Shiba Inu fan. However, there is currently no evidence that Elon Musk owns SHIB tokens.
It’s no secret that Elon Musk owns cryptocurrencies. At one point, his company Tesla was receiving bitcoin payments. Elon Musk, who is a fan of cryptocurrencies, has announced several times that he owns Bitcoin, Dogecoin and Ethereum.
Nevertheless, it appears that the Shiba Inu is not part of Elon Musk’s cryptocurrency portfolio. In October 2021, Mask was asked how many SHIB tokens he held. The billionaire entrepreneur simply replied: “None“.
What is Elon Musk’s relationship with the Shiba Inu?
Elon Musk has nothing to do with the Shiba Inu project. According to him, the only cryptocurrencies he owns are BTC, ETH, and DOGE, and he has publicly stated that he never owned any SHIB tokens before.
Of course, that doesn’t stop speculation about a possible Shiba Inu and Elon Musk relationship. Rumors and speculation play an important role in cryptocurrency markets, especially when it comes to meme currencies like SHIB.
Elon Musk’s public support for Dogecoin was a big factor in DOGE’s bullish rally in 2021. Dogecoin’s success has boosted other meme currencies like Shiba Inu, so we can say that Elon Musk has also had a circular effect on SHIB markets. However, we must be very clear: there is currently no evidence that Elon Musk owns SHIBs or is involved in any way with the Shiba Inu project.
So if you’re wondering what it takes to get a Shiba Inu to $1, you probably shouldn’t count on any support from Elon Musk to send SHIB to the moon. A lot will depend on whether the team behind the project continues to achieve their goals, which would make SHIB a more attractive cryptocurrency even without the influence of Elon Musk and other big crypto enthusiasts.
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