The Role Of Elon Musk In The Recent SHIB Price Surge

Shiba Inu (SHIB) is a meme virtual asset based on a Japanese Shiba Inu breed. It was founded in 2020 by Ryoshi, an unknown developer who planned that SHIB will become the next option after Dogecoin. The SHIB coin is an ERC-20 coin with ShibaSwap, a decentralized exchange. The ecosystem, as well as the roadmap of SHIB, also includes a number of incubators and NFTs. After the fall of the crypto market, some experts can again see the role of Elon Musk in the recent SHIB price surge. How did that happen? In this post, we will see that. 

Elon Musk’s Role In The Recent SHIB Price Surge

Meme currencies include Shiba Inu and Dogecoin, as well as thousands of additional meme coins. Shiba Inu and Dogecoin, for instance, were motivated by jokes made over Shiba Inu dog in the form of cryptocurrency, whilst PepeCoin was taken by Pepe the Frog. It is also a part of a renowned frog meme. Almost all meme cryptos have limited value or use cases and are further volatile than popular virtual assets such as Bitcoin and Ethereum. Many meme currencies cannot be exchanged on massive trading exchanges. Furthermore, the value of meme tokens is often cheap because of their abundant availability.

The crypto market plummeted and then surged during the worldwide outbreak in 2020, as regular investors rushed to crypto assets to beat inflation. As stated at that time, the tragedy of the stock market resulted in the growth of meme currencies. Some credit SHIB’s appeal to the influence of social media platforms, particularly that of Elon Musk, the CEO of Tesla. SHIB and other meme currencies took advantage of the increased fame of meme cryptos after he openly laughed over Dogecoin in the last year’s May, causing its value to plummet. SHIB took the advantage and went viral.

A feature that distinguishes SHIB from other doggie tokens is its Shiboshi game and NFTs. Thousands of Shiboshis were traded in less than 35 minutes, owing to the buzz surrounding the NFT marketplaces. Shiba Inu used the ShibaSwap network to create its own NFTs. The appeal of Shiba Inu may expand further when users identify their Shiboshis and increase the process of burning tokens, as well as the creation of the Shiboshi NFT game. Amidst a $258 billion suit filed against Musk as a component of a fraudulent effort to push Dogecoin, Musk endorses it. The surge of SHIB tokens is related to this event. 

Musk has been open about his admiration for Dogecoin and SHIB. Shiba Inu’s value began to rise, rebounding from a downturn in the price movement of the meme coin. Musk frequently tweets about several cryptocurrencies, which appears to have influenced their pricing. Throughout the last year, the value of a cryptocurrency named Shiba Inu seemed to rise many times when Musk constantly tweeted photographs of his Shiba Inu puppy. When he just stated that he will continue to back up Dogecoin, the price skyrocketed, allowing it to escape the crypto carnage.

Wallets To Store SHIB

Because of its Ethereum interoperability, SHIB can indeed be properly maintained and traded using Ethereum wallets. SHIB is an ERC-20 coin in SHIBA Inu and Freewallet for users. Freewallet is the global crypto wallet for SHIB, enabling secure SHIB currency exchange transfers via the Ethereum blockchain. To obtain the deposit address of SHIB and operate with it, launch the app and press the “Receive” option.  An address will get created automatically. It is preferable to utilize the deposit address of SHIB instead of a generic ERC-20 address. Other best Shiba wallets 2022 can be easily obtained online. 

ZenGo is a smartphone application that allows you to manage your cryptocurrencies, especially SHIB.  You may even trade cryptocurrency right from ZenGo since it is connected with Changelly, which allows you to deal with a vast number of cryptocurrencies. Changelly allows you to exchange SHIB tokens via your crypto wallet. Ellipal is also an excellent cold wallet for Ether coins, as well as Bitcoin and around 7,000 other virtual assets. a stylish cold crypto wallet with a graphical interface that allows you to browse your portfolio in minutes and analyze it. Ellipal is often more costly than its rivals.

Final Thoughts

In this post, you have seen that the recent SHIB price surge was affected by Elon Musk.  Shiba Inu’s price increase last year was most likely because of the excitement around SHIB’s listing on Coinbase. As ShibaSwap provides several intriguing items, the protocol lacks apparent benefits over competing initiatives such as Uniswap. The best Shiba Inu wallets 2022 are taking the world by storm. Shiba coins are required for minting Bone tokens of ShibaSwap, thus if you want Bone, you will require to purchase Shiba Inu. If you enjoy questionable conjecture, it is the right choice.

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