Elon Musk Backing the Shiba Inu, How About Shiba Coin?
With Elon Musk backing the Shiba Inu, how about Shiba coin? And how about its limited utility and potential for a price crash? This article looks at Shiba, an Ethereum-based alternative to Dogecoin. If you’re considering buying SHIB, consider these considerations. If you’re not sure, read on for a brief description of SHIB and its future.
Elon Musk’s support for Shiba Inu
The crypto token Shiba Inu has received a lot of support lately, largely due to the support of tech billionaire Elon Musk. Although Elon doesn’t personally own any tokens, he has been tweeting about his pet dog Floki. These tweets may have played a part in driving the Shiba Inu meme coin rally in the past. However, Elon has been less than forthcoming about his support for the Shiba Inu.
The tech billionaire has been vocal about cryptocurrency and has a significant amount of it. However, investors were skeptical of Musk’s support for the Shiba Inu because it seemed he owned the pet. Later on, however, Musk clarified that he didn’t actually own the Shiba Inu and instead owned only three cryptocurrencies. Although Elon’s support for Shiba Inu may seem odd, it’s hard to ignore his support for the breed.
Its limited utility
There are a lot of crypto assets that have a variety of uses, but one that has caught a lot of attention is the Shiba Inu, an Ethereum-based cryptocurrency that was created in August 2020. While this cryptocurrency is considered a speculative investment, its limited utility as a real currency makes it an appealing option for speculators. The currency’s value derives from its social media-fueled value, which is why it is vulnerable to extreme short-term volatility.
The price of Shiba coin dropped significantly during the first week of November, mainly due to regular market volatility, but also due to a mysterious billionaire who bought seventy trillion Shib coins at $8000 each. He then burned ninety percent of the coins and donated the rest to charity. This was just the beginning of the price drop, which has resulted in a limited utility and a high cost of production.
Its potential for a price crash
The potential price crash of the Shiba coin has been discussed by many people in the crypto community. This cryptocurrency is a decentralised meme token that has been developing into an ecosystem. The ecosystem includes the ShibaSwap decentralised exchange, LEASH token, and BONE token. The Shiba Coin is one such cryptocurrency that has gone through an unprecedented rally in the past three days. The rally was triggered by Elon Musk’s appearance on Saturday Night Live, who had called DOGE a “hustle” during his previous interview.
This cryptocurrency has grown dramatically in recent months. Its price even hit the ‘gainer’ spot on CoinSpot during October. Since then, however, the price of the currency has fallen. Since then, it has been stuck around the $0.00006 mark and trended down, with a few bounces here and there. At the time of this writing, the price is hovering around $0.00005659. The bearish sentiment in the market has not diminished, and the price crash of Shiba Coin isn’t any different.
Its Ethereum-based counterpart to Dogecoin
After Bitcoin’s meteoric rise, the internet began buzzing about a cryptocurrency called Dogecoin. Named for the Shiba Inu dog that was popular on the Internet, Dogecoin allows for unlimited issuance. Users can use it for sending and receiving money and payments. But what makes it unique from Bitcoin is that it doesn’t have a cap on how many coins can be created.
Shiba Inu was developed by an anonymous person using the moniker “Ryoshi,” and was named for the Japanese dog breed. Its logo features a Shiba pup. Like Dogecoin, Shiba Inu also aims to serve as Dogecoin’s Ethereum-based counterpart. Ethereum is the community-run blockchain technology that powers ether, another cryptocurrency. As of last week, Dogecoin had already eclipsed its Ethereum-based counterpart, claiming peak status as the most valuable meme cryptocurrency.