The price of the SHIBA INU coin has soared this week, as the cryptocurrency aspires to hit the $1 mark one day. Elon Musk, the CEO of Tesla and SpaceX, has used his massive Twitter following to assist Shiba Inu to gain popularity. So, at this time it is important to know what are the things that we should focus on if we invest in Shiba Inu coin. We will also tell you if this coin can make you rich in just a span of few days. Does Shiba Inu coin reach $1 this October? Shiba Inu forecast? If you want to know all about it read the article from start to end. But first, let’s know the reason behind the coin growing so much in the past week.
Shiba Inu prices have recently risen dramatically. This week alone, the cryptocurrency increased by more than 400%. Elon Musk’s support of cryptocurrency has been one of the major causes of its rapid growth. Here’s how Elon Musk’s tweet contributed to the emergence of the Shiba Inu.
Reason behind Shiba Inu growing 400%
Shiba Inu, a cryptocurrency altcoin, has seen its price skyrocket this week. The cryptocurrency increased by 400 percent this week, reaching a market value of over $14 billion on October 7. Shiba Inu’s prices were $0.00002618 on October 10th. Shibu Inu’s recent price spike, however, should not be overlooked; for a brief moment, it was the 12th most valuable cryptocurrency on the market. Because the cryptocurrency was only established in August 2020, its recent rise has been phenomenal. One of the main reasons for its surge has been connected to a tweet by Tesla’s CEO, Elon Musk.
Shiba Inu coin reach $1
Since Dogecoin’s excitement has faded down, many new crypto fans have been actively promoting the Shiba Inu Coin. Musk, who has previously advocated for Dogecoin, has suddenly become the face of SHIB price fluctuations since his pet has become a web sensation. Experts, on the other hand, believe that such a rapid increase in the price of the token for no apparent cause is not good for investment. Major investors anticipate that the coin’s value will grow in a year, but only to approximately $0.000018. In the next three to four years, no significant crypto market expert or business predicts that the currency will hit $1.
Elon Musk’s Influence
Mr. Musk tweeted “Floki Frunkpuppy” on Twitter on October 7, accompanied by a photo of his new Shiba Inu puppy, Floki. This prompted a surging rise in Shiba Inu pricing, which jumped by 40% just hours following Mr. Musk’s tweet. When Mr Musk tweeted on September 15 that his new puppy, Floki, had arrived, the currency skyrocketed in a matter of hours. The cryptocurrency has increased by 1,000 percent in the days after his post. Mr Musk is a crypto aficionado who occasionally uses social media to give his thoughts on the current currencies. With 60.6 million Twitter followers, he has a considerable following. Tell us what do you think Will shiba inu coin reach $1 in October?
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