Shiba Inu Coin jumps 45% in last 24 hrs; Here's why SHIB is going up

Shiba Inu Coin (SHIB) has once again surprised cryptocurrency market after it jumped up by over 45 per cent in last 24 hours. token as of Tuesday is tring at $0.00001264 while its market cap stood at $4,987,163,972 having risen by 49 per cent since Monday. Meanwhile, all major cryptocurrency market prices continued to be in red on Monday with only a slight increase in or coin’s prices.

According to ir official website, SHIB is an experiment in decentralised spontaneous community building. creators of this token have created it from inspiration from Dogecoin. However, creators of Shiba Inu aim to make SHIB more than just a joke. SHIB Token is an ERC-20 compatible with Ereum network. Shiba Inu has been called 'Dogecoin Killer' by its community. token is also supported by a large community of coin holders who support and promote coin on social media like Reddit and Twitter.

Why is Shiba Inu going up?

crypto market is a very volatile and unpredictable one, and often cryptocurrencies that have no reason for being on top often get pumped up. However, coin has pumped this time after a tweet from Tesla CEO and Dogecoin investor Elon Musk. price of Shiba Inu h earlier skyrocketed in a very short period after Musk shared a picture of his new pet dog named 'Floki'. On Monday, Musk tweeted yet anor image of pup with caption ‘Floki Frunkpuppy’ which caused a sudden surge in token’s prices.

Shiba Inu price prediction

Ever since hype behind Dogecoin died down a bit, many new crypto enthusiasts are busy promoting Shiba Inu Coin. Musk, who has been an vocate for Dogecoin in past, has now become leing man for SHIB price changes as his pet is now an internet favourite. However, experts suggest that such a surge in prices of token, without any major reason, is not healthy for investment. Major investors have predicted coin to value to rise but only up to around $0.000018 in a year's time. No major crypto market expert or firm suggests that coin will reach  $1 mark in next three to four years. 

SHIB, which was first launched as a joke, grabbed investors’ attention when creators shared major goals with SHIB project and said that y were working on marking an NFT network based on Shiba Inu Network. SHIB token is an ERC-20 compatible with Ereum network. Shiba Inu has been called 'Dogecoin Killer' by its community. Earlier this year, price of coin h surged after Vitalik burned off almost half of Shiba Inu supply, causing a sudden rise in demand.

Image: Twitter/ Unsplash