The bizarre meme cryptocurrency has skyrocketed by 50%. But Musk caused her to fall immediately

Shiba Inu, a cryptocurrency who described herself as the “killer of the dogecoin”, was very surprised over the last weekend. Bizarre memecoin, which according to many experts is too speculative an asset in the cryptocurrency market, has managed to increase its price again in recent days after a recent surprise rise, reaching a new all-time high and becoming the 11th largest cryptocurrency in the world, informs Bloomberg.

Shiba inu distracted from dogecoin

Memecoins such as dogecoin or shiba inu have no fundamental value as such as bitcoin or ether. Many experts condemn these cryptocurrencies by naming them “shitcoins,” but they have performed relatively well on the market.

Although dogecoin from its ATH (All Time High) from May this year did not remember much after the fall, it managed to record a price increase of 7.44% in the past 24 hours.

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However, his “twin” in the form of the memecoin shiba inu went to extremes. The highly volatile cryptocurrency rose in price by up to about 50% in 24 hours and reached a new ATH. At the time of writing, SHIB sells for € 0.00003379. In a month-on-month comparison, however, this memecoin grew enormously by 437%, rising from the original price of € 0.000006 at the end of September to the aforementioned current value.

According to estimates, the price, which has not yet been confirmed, could have helped the rise in prices information that the Robinhood trading platform may soon add this cryptocene to its offering. This was also supported by a relatively strong community of investors, which wrote a petition for listing SHIB on Robinhood, and this petition has already received more than 300,000 signatures.

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Further speculation led to the fact that the price of shiba inu was allegedly influenced by Elon Musk, who some time ago shared a photo of a dog of the same breed on Twitter. However, the information was refuted by Musk himself, who after the last rise in the price of cryptocurrency negated the information that he would own some SHIB coins.

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This has currently led to a drop in price of around 15%. Musk admitted on Twitter that he had only invested in bitcoin, etherea and dogecoin.

Less and less investors are afraid of risk cryptocurrencies

The growth is also helped by the low price of shiba inu itself, which is a great attraction for small investors. For just one euro, a potential investor can get almost 30,000 SHIB coins. However, it should be noted that this is a highly speculative cryptomene with high volatility, which is a risky asset. It is therefore extremely difficult to predict its further development. “Whales” also play a big role here – big investors who can control the development of the price.

An example is one of the largest, currently “dead” wallets owned by Vitalik Buterin, co-founder of the cryptocurrency Ethereum.

He transferred $ 7.3 billion worth of SHIB coins to his already inactive wallet in May, “burning” a total of 41% of all coins in circulation at the time. He destroyed 90% of his SHIB coins and sent the remaining 10% to charity.

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Another large wallet is owned by an unknown investor, who currently has 7% of all shiba inu coins in circulation on it. That’s about 70 trillion coins worth up to almost $ 2 billion. Some refer to this large wallet as a “whale” and others assume that it is a coin of the founder of the cryptocurrency. It was founded last year by an unknown person under the nickname Ryoshi.

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Like dogecoin, shiba inu was founded as a joke and currently functions on the market as an offshoot of dogecoin, which originated in 2013. However, as 2021 shows, people are less and less afraid to invest in such highly volatile cryptocurrencies. As a result, dogecoin has reached a market value of up to $ 34 billion, while shiba inu is approaching it with a market value of $ 21 billion.