Cryptocurrency Shiba Inu (SHIB) rises 2200% in one year, following in the footsteps of Dogecoin (DOGE)

Shiba Inu Crypto

The Shiba Inu cryptocurrency (SHIB) has grown by 2,200% since its birth just 14 months ago. This shocking deployment positions it as the 19th largest crypto in the world by market value. So far in October it has shown an increase of 315%.

On October 7, it reached its historic peak with a market value of $18 billion. Specifically, it went from being worth $0.000007 to $0.000035 in one week, which showed an increase of 500%. Although then he suffered a steep fall on the same day. Right now, SHIB is trading at 0.000022, Yahoo Finance data reveals.

Being a small capitalization token, its value can present strong movements, which makes it very volatile. With little money you can buy many SHIB units. This can turn anyone into a whale, that is, an investor with a lot of weight in the market, capable of generating sudden price movements. It is enough for several retail traders to agree to buy to cause a bullish effect like the one seen this week. But the same thing happens downward.

In turn, this type of cryptocurrency based on memes does not usually have solid value propositions, being conditioned by the comments of their followers on social networks. The community relies heavily on the support of influencers. While some critics like CoinDesk are skeptical of the influence of these leaders, other media argue otherwise.

Fortune, for example, stated that Elon Musk likely contributed to the cryptocurrency’s rise with a tweet. It is precisely a post that the influencer made last Sunday, showing his dog named Floki, who has the face of the cryptocurrency SHIB and DOGE.

Shiba Inu (SHIB) and Dogecoin (DOGE) self-identify with a nearly equal symbol

Shiba Inu is a cryptocurrency that presents itself as “a decentralized meme token that has grown into a vibrant ecosystem.” It was founded in August 2020 by an anonymous nickname “Ryoshi.” The only thing that is known about its founder is that he has a love-hate relationship with Dogecoin (DOGE), a memecoin born in 2013.

Although SHIB defends itself as “DOGE Killer” – Dogecoin killer -, it uses a meme very similar to that of its supposed opponent. In fact, it is based on the same animal. Both cryptos are symbolized with the drawing of a dog, which is of a Japanese breed called Shiba Inu. Hence the origin of its name.

This dog has managed to become known worldwide for being the pet of Elon Musk, one of the most influential people in the crypto ecosystem. The investors who have voiced their support for currencies like Dogecoin are people, like Musk, who love the shower of funny memes on the networks.

Elon Musk causes from time to time a plague of funny images and videos on the networks as a result of some of his tweets. That usually generates speculation of rising or fall of cryptocurrencies. A publication of him or his silence for a time is capable of generating sudden fluctuations in the markets.