After the Elon Musk tweet, Shiba Inu jumped close to 400%, confirming a total spike of about 8,000% for the dog-themed token.
The value of crypto Shiba Inu spiked 45% on Monday and is 40% up today, and looks set to rise even higher, thanks to Elon Musk. Tesla CEO and crypto devotee recently tweeted a photo of his real-life Shiba Inu pet puppy, Floki. This was enough to see the canine-themed token’s value climb 380% from £0.00002207 to £0.00000570 on Sunday. This now represents a total surge of about 8,000% for Shiba Inu.
Musk’s latest veiled publicity reflects just how volatile meme digital currencies like Shiba Inu can be. Furthermore, the billionaire has repeatedly demonstrated his ability to influence the market, even with more prominent coins like Bitcoin. Also, Musk previously supported Dogecoin, another canine-themed crypto.
Musk first tweeted a photo of his Shiba Inu puppy back in early September, shortly after acquiring it. “Floki has arrived,” were his exact words. This preceded the Oct 4th picture of Floki in his car – “Floki Frunkpuppy” – that sent Shiba Inu surging. Musk boasts a Twitter followership of 60.4 million, with his tweet amassing 300 likes so far.
Outside of Its Well-documented Association with Elon Musk, This Is Shiba Inu by the Numbers
Shiba Inu, listed on its own decentralized exchange – ShibaSwap, has a total supply of one quadrillion Shiba Tokens, according to Binance. Furthermore, the digital asset’s current circulating supply is 100%. According to the Shiba Token website, 50% of the total supply is locked to Uniswap. The latter is a decentralized finance protocol that facilitates automated transactions between cryptocurrencies on the Ethereum network. The remaining half supply of Shiba Inu was burned to Vitalik Buterin, co-founder of Ethereum. As a result of this, the Shiba Token website states:
“Everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community.”
However, Binance points out that the top five wallets hold a little over 60% of the total supply. The number one wallet alone having 50.5%.
Despite Rising Mainstream Acceptance for Crypto, Investors Still Cautioned to Tread Carefully
While cryptocurrencies can generate a windfall for their investors, they can also cost them their entire investments. This is due to the ultra speculativeness of the crypto space and actions (or lack thereof) of others. In fact, the Financial Conduct Authority (FCA) specifically underscored the high risk involved when they issued a statement in January saying:
“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money. If consumers invest in these types of product, they should be prepared to lose all their money.”
In addition, Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown also touched on crypto volatility. Streeter added that lack of proper regulation in the sector made investors also susceptible to fraud in addition to losing money.
“On top of being extremely volatile, most cryptocurrencies are unregulated, which not only adds another layer of uncertainty but also means that investors have little or no protection against fraud,” said she.
Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing
- Social investing app Public.com lists SHIB for members with crypto access; the platform is yet to launch crypto wallets.
- Brazil’s largest cryptocurrency exchange Novadax added SHIB to its fiat-crypto market.
- All staking and liquidity mining stablecoin rewards on SHIB will now be distributed through BONE, saving Shiba Inu holders the gas fees paid in Ethereum to claim rewards.
- Development of Shibarium and Shiboshi games is underway; launch is expected within a few months.
Shiba Inu coin reached over a million new traders through its listing on Novadax, Public.com and CoinFLEX. A crypto exchange offered traders “Flip DOGE for SHIB” and exchanged Dogecoins for Shiba Inu tokens.
Rumors of Robinhood listing, analysts predict SHIB recovery
Public.com, a social investing app, recently listed the Shiba Inu coin for members who have opted in for cryptocurrency access on the platform. The social app added cryptocurrencies to its list of offerings on October 7. The platform has over a million traders on its app.
Brazilian traders now access SHIB through the country’s largest cryptocurrency exchange, Novadax’s fiat-crypto market. Traders on the exchange can buy SHIB using Brazilian Real on Novadax.
Great news for the #ShibArmy in #Brazil, where the biggest exchange in the country now allows to trade Brazilian Reais (BRL) for $SHIB. https://t.co/WZ4FttnIC0#Crypto #SHIBA— Shib (@Shibtoken) October 20, 2021
ChangeNOW, a non-custodial cryptocurrency exchange platform, recently offered its traders the option to “Flip DOGE for SHIB,” effectively exchanging their Dogecoin holdings for Shiba Inu coin. Traders availed this service to accumulate more SHIB tokens ahead of the rumored listing on the zero-commission exchange platform, Robinhood.
An anonymous source close to the exchange revealed that Robinhood had taken notice of the social media support for SHIB, and the platform plans to list SHIB soon.
Shytoshi Kusama, the leader of all Shiba Inu ecosystem projects, recently shared an update on the trifecta SHIB, LEASH and BONE. Kusama addressed SHIB holders’ issue with ETH gas fee payment in claiming staking and liquidity rewards. All rewards in stablecoins will now be distributed through BONE.
Kusama confirmed that Shibarium and Shiboshi game development is underway, and there are plans to launch the products in the upcoming months.
Pseudonymous cryptocurrency analyst @army_shiba is bullish on SHIB price. The analyst set a target of $0.00004161 and $0.00005201.
$SHIB CHART! 🔥
📈 It is forming a bullish triangle for around ten days. It accumulates in .2479 (support) and .3519 (resistance) channel!
Once it breaks the resistance, targets will be .4161 and .5201! 🔥 pic.twitter.com/VUhlu55AdW— $SHIB KNIGHT (@army_shiba) October 22, 2021
FXStreet analysts have evaluated the SHIB price trend and predicted that Shiba Inu has one obstacle to overcome before the Dogecoin-killer hits $0.00006.
Shiba Inu (SHIB) now listed on Public, Robinhood next?
- Trading platform, Public.com has added Shiba Inu to its list of supported cryptocurrencies.
- Many SHIB investors are also interested in seeing Robinhood list the dog-themed cryptocurrency on their platform.
On Wednesday, retail investment platform Public.com announced on Twitter the “Dogecoin Killer” Shiba Inu (SHIB) has been listed for trading on their platform, beating its popular competitor Robinhood to the token listing.
Shiba Inu is now traded on Public
Since Public came into the business in 2019, it provided millions of investors the access to investing in stocks and exchange-traded funds (ETF). Early in October, however, it joined the likes of Rohinbood to launch the option for investors to trade 10 digital currencies at the time, including Bitcoin, Ether, Dogecoin, Litecoin, and others.
Shiba Inu Price Prediction: SHIB at edge of 20% ascent if bulls conquer last hurdle
- Shiba Inu price is preparing for a 20% rally once it overcomes one last obstacle.
- SHIB needs to slice above the prevailing chart pattern’s neckline at $0.00002946 before ascending to the October 7 high.
- If Shiba Inu falls below $0.00002712, the token would fall back into a consolidation pattern, continuing to trend sideways.
Shiba Inu price continues to consolidate as it moves sideways following the tremendous bull run earlier this month. SHIB has presented a buying opportunity as it edges closer to a 20% rally following the emergence of a bullish technical pattern.
Shiba Inu price awaits climb toward $0.00003543
Shiba Inu price has formed an inverse head-and-shoulders pattern on the 4-hour chart. The prevailing technical pattern suggests a 20% breakout toward $0.00003543, the October 7 high, once SHIB surges above the neckline of the chart pattern at $0.00002946. Until the dog-themed token is able to slice above this one last obstacle, it may continue to trend sideways.
Adding credence to the bullish outlook is the break above the descending resistance trend line that formed since the swing high on October 7. However, before Shiba Inu price could reach the aforementioned optimistic target, there remain two major hurdles: the October 13 high and the October 11 high at $0.00003073 and $0.00003200, respectively.
Shiba Inu price appears to be also devising a symmetrical triangle pattern, with a measured 42% rally if SHIB makes a decisive move toward the upside. Although the token broke above the resistance trend line, it appears to be hovering around the topside trend line of the triangle pattern.
A spike in buy orders could see Shiba Inu price slice above the inverse head-and-shoulders neckline and eventually prepare for a 20% rally.
SHIB/USDT 4-hour chart
However, if SHIB suffers weakness and sees its momentum flip to the downside, Shiba Inu price could drop toward the prevailing chart pattern’s right shoulder, ruining the bullish outlook.
The first line of defense for Shiba Inu price is at the descending trend line, which coincides with the 21 four-hour Simple Moving Average (SMA) at $0.00002826. Additional support will emerge at the 50 four-hour SMA at $0.00002739, before dropping to the right shoulder’s low at $0.00002712. Should SHIB tumble below this level, the token would devastate bulls as the token falls back into the symmetrical triangle pattern, indicating further consolidation.
Additional selling pressure could see Shiba Inu price collapse toward the 100 four-hour SMA at $0.00002626, before descending further, tagging the ascending support trend line at $0.00002497.