Cryptocurrency News

A Meme Coin Named Shiba Inu Experiences a Surge in its Token Price

It was just recently when Shiba Inu (SHIB) managed to make it to one of the largest cryptocurrency exchanges in the world, Coinbase. The data shows that it was on Friday, September 17, 2021, when SHIB was enlisted on the Coinbase cryptocurrency exchange.

As a result of getting enlisted on the Coinbase exchange, the price for the meme coin has experienced a significant rise on Friday trading. The details show that the exchange rate for SHIB/USDT experienced a rise of 16.42%. Following the rise, its price went all the way up to $0.00000950 per SHIB.

It is after such a long time SHIB has managed to make it back to its all-time high since June 29, 2021. One of the major factors behind SHIB experiencing such a rise was the overall cryptocurrency market turning bullish on Thursday, September 16, 2021.

According to online data analyzing firms, the price for SHIB experienced a 26% rise on Thursday, September 16, 2021 trading. As a result of the constant rise in two consecutive days, the price for SHIB experienced a rally of over 40% while trading.

Another major factor behind the sudden rise of SHIB was the involvement of Tesla’s CEO, Elon Musk, who talked about SHIB through one of his tweets. It was on Sunday, September 12, 2021, when Elon Musk mentioned that a new kind of Shiba Inu was going to be introduced. While tweeting about the new Shiba Inu, he stated that the name of the new coin would be Floki.

Although the Tweet was made by Elon Musk on Sunday, September 12, 2021, it took followers to take note of it until Monday, September 13, 2021, when SHIB experienced a small rise in its price.

The data shows that on Monday trading for SHIB, its price experienced a 2.62% rise. This is not the first time, Musk has made an input in helping create a rally for a meme coin featuring dog tokens. In the past, Elon Musk has driven markets up the hill for meme coins such as BabyDoge, Dogecoin (DOGE), and Floki Inu.

Still to this day, Musk’s influence continues to create ripples across the cryptocurrency markets. He has shown tremendous support for the meme coins and has helped drive their prices to all-time highs. The meme coin that has gained the highest amount of adoption and rally through its influence is Dogecoin (DOGE).

Prior to Musk’s input and contribution in helping to increase SHIB’s price was the meme coin getting enlisted on Coinbase Pro at the beginning of September? Therefore, Coinbase then going for SHIB’s enlistment through its general trading platform made things favorable for SHIB.

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