2021-10-25 09:13:00

Elon Musk brings Shiba Inu back to Earth — Dogecoin is the only meme token he’s betting on

  • The Shiba Inu meme coin rallied by more than 50% to hit an all time high of $0.000044 on October 24.
  • It’s rally ‘to the Moon’ was cut short by Elon Musk’s disclosure that he doesn’t own any SHIB tokens — only Bitcoin, Ethereum and Dogecoin.
  • Musk’s remark may have halted Shiba’s most recent rally but it was unable to wipe out the gains that have been accumulating since October 15.

Tech billionaire Elon Musk’s tweets about his pet dog Floki may have been the driving force behind meme coin Shiba Inu’s rally in the past. But, this time around the script flipped on itself when Musk revealed he doesn’t actually own any SHIB tokens.

The
Shiba Inu cryptocurrency was on its way ‘to the Moon’ on October 24. It rose by 50% to become the 11th biggest cryptocurrency in the market. However, one of the Shiba Inu Twitter accounts made the mistake of asking Musk how many SHIB tokens are in his kitty. The answer to which was a clear and definitive, “None.”

Shiba Inu has slipped to becoming the 13th largest
cryptocurrency by market cap since then. At 12:30 pm Indian Standard Time (IST) on October 25, the meme coin is down by 1.83 percent as compared to 24 hours ago with a price of $0.00038.


Shiba Inu’s recent rally during ‘Uptober’CoinMarketCap

The recent dip may have halted its most recent rally, but the cryptocurrency has been on the rise since October 15.

“The surge in volumes that the token [Shiba Inu] has been witnessing can also be attributed to the FOMO that typically arises as interest peaks, and traders rush to take part in the rally as a means to book profits.”

Nirmal Ranga, Chief Revenue Officer at Indian cryptocurrency exchange ZebPay said in a statement

What is Shiba Inu?


Shiba Inu is the self proclaimed ‘Dogecoin Killer’. It aims to be the Ethereum-based replacement to Doge tokens. While Bitcoin is designed to be scarce, SHIB tokens have intentionally been designed to be abundant with an overall supply of 1 quadrillion — hence, the rock bottom prices.

Right now, Shibu Inu mostly supports artistic projects like non-fungible token (NFT) art incubators. It’s also creating its own decentralised exchange called ShibaSwap.

Which cryptocurrencies has Elon Musk bought?

The Tesla and SpaceX CEO doesn’t own any Shiba Inu. He also doesn’t own any Floki tokens either, despite the cryptocurrency being named after his pet Shiba Inu. Musk did, however, reiterate the names of the three digit assets he’s betting on to be future proof — Bitcoin, Ethereum, and Dogecoin.


And, for Musk, if there’s a meme coin to bet on, it’s Dogecoin. According to him, Dogecoin doesn’t need to be another ‘smart contract’ token in the crypto space minting NFTs. Instead, Dogecoin should be working towards becoming a medium of exchange — fast, scalable and inexpensive.


SEE ALSO:
Elon Musk gives Dogecoin a boost but dampens Shiba Inu’s meteoric rise

Solana is the only bigwig cryptocurrency still in the green as crypto markets correct

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