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Analysts say these reasons were behind Shiba Inu’s (SHIB) 300% rise last month |

Just when investors thought the cryptocurrency market was in a bearish trend, Shiba Inu (SHIB) got its own 300% rise last month. This is probably because of all the positive news coming out about cryptocurrencies and blockchain technology these days.

The “shiba inu coin news today” is a cryptocurrency that has seen a 300% increase in price last month. The reason behind the spike was not revealed by analysts, but it is speculated to be due to market demand and speculation.

The price of the Shiba Inu (SHIB) rose again on Monday, as Elon Musk tweeted dog word art and whale transactions piled up.

Is another huge increase in the stars for the Dogecoin deadly, such to the one in May?

The person in charge

“Retail excitement is returning to the market this week, which might augur good for price movement across the board in Q4. According to Ryan Wilkinson, co-founder of athlete NFT platform Blockasset.co, “it might be an explosive conclusion to 2021.”

While Bitcoin (BTC) began the week trading over $62,000, close to its all-time high, Elon Musk continued to bless the crypto pack with his tweets.

The capacity of Tesla CEO Elon Musk to send prices of Shiba Inu-inspired cryptos soaring with his tweets is evocative of a dog agility demonstration. 

A handler, whose authority is restricted to vocal and body gestures, guides the dog through a difficult obstacle course while racing against the clock in these contests.

Musk posted a word art graphic of a puppy with a rocket ship on Monday. 

> (_/) (•_•) /

October 17, 2021 — Elon Musk (@elonmusk)

He said, “I’ve thought about it and… I’m not sorry about party rocking.” Despite the fact that Musk’s word art is up to interpretation, his tweet propelled SHIB’s price up 21%.

Shiba Inu Coin $SHIB has already risen over 21% in response to Elon Musk’s tweet. pic.twitter.com/VlB8B2fuWh

October 17, 2021 — Mr. Whale (@CryptoWhale)

In the meanwhile, Santiment has seen a surge in Shiba Inu whale transactions above $100,000.  

The #ShibaInu is back up at $0.00002885, while the focus has shifted back to #Bitcoin, which is closing in on a new #AllTimeHigh. However, keep a watch on $SHIB’s $100k+ whale trades. When a large number of these transactions occur at the same time, prices tend to increase. https://t.co/oeGN85BpXS pic.twitter.com/G9kJopNTHE

October 18, 2021 — Santiment (@santimentfeed)

“When these transactions happen in bunches, price gains often follow,” the crypto market intelligence site tweeted on Monday morning.

Investors from Generation Z

Shiba Inu (SHIB), dubbed the “Dogecoin killer,” debuted last year as a Dogecoin (DOGE) offshoot token, eager to cash in on the meme coin craze. Since then, SHIB has attracted a large number of retail investors, with over 742,500 now owning the currency.

SHIB’s price increased by 250 percent in three days, after the early October dog-meme crypto craze sparked by Elon Musk’s tweets.

Meanwhile, the project’s NFT collection of 10,000 Shiboshis, or “lovable animals,” sold out in 35 minutes.

“This year’s events – from GameStop to Dogecoin – have shown us that younger investors are willing to invest in a joke, and they want to have fun while doing so,” Wilkinson said.

He said that the October rise was “helped in no little part by a desired Coinbase listing last month,” when remarking on SHIB’s recent price performance.

SHIB’s exposure to a large retail market was secured by its Coinbase listing in September, while ShibArmy, the community behind the self-proclaimed “Dogecoin killer,” continued to expand in both numbers and power.

“The Dogecoin clone has yet to achieve the highs it reached in May when dog tokens collectively soared,” Wilkinson wrote, adding that data from Santiment indicated that audience enthusiasm may have played a significant part in SHIB’s success. 

“Around the time it began to run, mentions of SHIB and Shiba Inu spiked. Furthermore, some TikTok ‘influencers’ with significant followings have given price objectives for the currency, exposing it to even more Gen Z investors,” he said, adding that “it wouldn’t be surprising to see another dramatic increase similar to the one in May.”

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The “shiba inu coin twitter” is a cryptocurrency that has seen an increase of 300% in price last month. Analysts are unsure why the sudden rise, but some believe it may be due to the recent Bitcoin fork.

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Frequently Asked Questions

Why Shiba Inu coin going up?

A: Shiba Inu coin is rising because of the popularity on social media. Since December 2018, it has had a huge increase in attention on Twitter and Instagram, which led to its price increasing by 70%.

How much has Shiba gone up?

A: Shiba has gone up by about $12.

Who created Shiba Inu cryptocurrency?

A: Shiba Inu is a Japanese dog breed. Some people believe that the name of this particular cryptocurrency was inspired by the breeds heritage and/or distinctive markings.

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