Today SHIB token is the 20th-biggest by market value (above $10 billion) and has increased in its value by ~355% during past week. Elon Musk played not a minor role in the SHIB token pump, because of his latest tweet about his own puppy.
Token price rise even stole a spotlight form big players as Bitcoin (BTC) and Ethereum (ETH) which are up about 20% during the past week. It is not a surprising fact while many cryptocurrencies are highly volatile and can emerge from nothing giving high gains in the long run.
Key factors for such a huge gains are: positive technical analysis indicators values, absence of obstruction like U.S. Securities and Exchange Commission or The Central Bank of the United States.
Elon Musk is in the game again
Recently, on Sunday 03.09.2021 Elon Musk made a tweet representing a dog including the comment, “Floki Frunkpuppy”, may have also contributed to the SHIB token burst. There were other SHIB related tweets by Musk.
Many cryptocurrency exchanges benefit from high trading volume and traffic which is generated by people interested in the raise of some token or cryptocurrency price. Despite of the raise of SHIB token, Binance CEO CZ made a tweet with the warning «The currency carries a very high risk ».
Who is behind a SHIB token ?
SHIB token or Shiba Inu appeared suddenly on the cryptomarket, made by anonymous person Ryoshi. The main goal of the SHIB token is not the developed technological or market aspects or other but the competition with the famous Doge coin (DGB) for the most cutiest picture of the dog of the same breed which is a Japanese term for a breed of dog. SHIB is also a Doge-meme joke-based cryptocurrency. The project web site states that SHIB token is «A Decentralized Meme Token that Evolved into a Vibrant Ecosystem». The development status of the token is active, moreover, developers promise to release a Shib Swap decentralized exchange platform. Besides that, there are also LEASH and BONE tokens lead by SHIB team.
source: https://unistex.com/news/shiba-inu-skyrockets-355-in-a-week/