Shiba Inu has rapidly become one of the most popular meme coins in the cryptocurrency world today, after an immense rise in the value of the SHIB token.
In less than a year, Shiba Inu has managed to become a top 15 project in terms of market capitalization with a growing ecosystem helping to cement its position in the rankings.
This surge has also been spurred on by cryptic tweets from Elon Musk, the CEO of SpaceX and Tesla, hinting at a possible investment in the coin.
(\_/)( •_•)/ >🚀
— Elon Musk (@elonmusk) October 17, 2021
Here, he’s tweeted a text art image of a dog holding a rocket ship which is commonly used to refer to rising crypto prices.
Elon Musk has previously revealed that he owns some Dogecoin in his personal portfolio, so his tweets oftentimes lead to speculation and price surges for other dog-related coins such as Shiba Inu.
Notably, SHIB has become one of the best performing coins in the past month, rising by over 300% in October alone.
In fact, it has outperformed most of the top cryptocurrencies, including Bitcoin and Ethereum and as a result, became a trending topic on Twitter.
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A vibrant ecosystem with all the latest features
Indeed, what started off as a simple meme coin now has its own vibrant ecosystem with a decentralized exchange called ShibaSwap that comes with various features.
In fact, you can now buy or sell NFTs, provide liquidity and earn staking rewards all through the platform, which is likely to attract many new users.
In the month of September, a transaction on the blockchain showed that an unknown whale (a term used to describe a wealthy investor) had picked up around 6.2 trillion SHIB tokens, valued at around $44 million at the time.
This caused a buying frenzy in the days that followed as speculation arose regarding the reasons for the large investment.
While it is yet unknown, it’ll be interesting to see how this space develops over the next few months, and as always, invest only what you can afford to lose.
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