Shiba Inu sets new record by ignoring Elon Musk's words
After the May rise of the Shiba Inu token to the level of $0.00003503 on Binance, it went into a long drawdown, having managed to partially win back the previous level in early October. However, over the past 24 hours, SHIB managed not only to increase its value by more than 60% but also to reach a record high of $0.00004442.
As early as October 23, SHIB traded on average at $0.00002790, and the next day it increased by 60%, consolidating the growth over the week at around 240%. And while some investors celebrated the sudden success of meme coins, others began to look for reasons for such a meteoric rise.
The first of them was named a whale that bought about 6.2 trillion Shiba Inu tokens worth $44 million at the end of September. The second driver of growth was considered by many to be the success of Shiboshi NFT, which sold out in just half an hour, thus causing a rapid jump in gas prices. In addition, the upcoming launch of games based on Shiboshi and Shibarium further infuriated the “Shiba Inu army” on social networks and increased the general interest of investors in meme coin. The codename for the NFT game being developed by the Shiba Inu team is Oshiverse.
Some members of the crypto community on Twitter also attached a screenshot of a survey conducted by representatives of the Robinhood platform among their investors, where SHIB appeared as one of the future tokens for listing. It is worth considering that when the head of Robinhood, Vlad Tenev, was recently asked whether the SHIB placement should be expected, he said that the addition of the token is not planned yet, citing difficulties in choosing assets for listing.
Recently, SHIB has significantly won against the background of its “parent” in the person of the DOGE token. Over the month, its growth amounted to more than 515%, while increasing the daily trading volumes by 815%. At the same time, the price of DOGE last month hovered at $0.2608 on Binance, after which it gradually increased by 25% in 30 days, showing more consistent dynamics than SHIB, but also more losing to investors in terms of short-term profit.
Of course, the buzz around Shiba Inu could not do without a major fan of “meme coins”. After the quotes soared, the SHIB team turned to Elon Musk on Twitter, asking how many SHIB tokens he was holding on his cryptocurrency accounts. However, in response, they heard only “none”, which many community members considered a critical blow to meme coin.
None— Elon Musk (@elonmusk) October 24, 2021
In fact, the drawdown after that was less than 20%, and the coin quickly managed to "win back" part of the previous value, which was also noted by @ShibInformer. The token team was also not at a loss and in response advised the billionaire to add SHIB to his crypto portfolio.
Look, I like Mr. @elonmusk. He started with 'just' 150M dollars and has created much more value with his companies. Near the beginning of the year he helped us reaching the spotlight. But, I don't think he cares about the idea that SHIB presents. And that is fine, you know why? pic.twitter.com/SRvzemRubi— SHIB INFORMER (@ShibInformer) October 25, 2021
Currently, the price of the main dog token on the market is $0.2621 on Binance. As for SHIB, its price slightly corrected, stopping at $0.00003830, and is in no hurry to fall. But can the token come close to his community's dream of reaching 1 before Dogecoin?
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