Cryptocurrency value

Shiba Inu Price Update: Decline in Cryptocurrency Value; Does Elon Musk have the Meme Coin?

Despite the meteoric value of the Shiba Inu coin, the cryptocurrency has declined over the past 2 weeks.

Currently, the price of the Shiba Inu coin has closed at 0.000053.

Meanwhile, Elon Musk Shiba Inu’s very coin is proven to be a long way from his wallet.

Early adopters of the Shiba Inu currency made life-changing gains.

Shiba Inu debuted on August 1, 2020, with SHIB tokens trading for $ 0.00000000051.

SHIB, on the other hand, set an intraday record of $ 0.00008841 on October 27, less than 15 months after its inception. At that time, the Shiba Inu coin increased by 17,300,000%.

Shiba Inu has benefited from a variety of factors, many of which focus on increasing visibility and strengthening its community.

The seemingly autonomous development of SHIB, for example, has prompted more cryptocurrency exchanges to list Shiba Inu coins.

Increased listings imply improved liquidity, increased coin knowledge, and a larger overall community. SHIB tokens are now held in around 941,000 different wallets, according to Etherscan.

However, the Shiba Inu price has had a significant change.

Over a two week period, the top performing cryptocurrency fell to its usual high stake price. SHIB climbed back to $ 0.00004997 in the 14 days after establishing an intraday high of $ 0.00008841.

For the mathematicians among you, that equates to a massive 43% drop.

The cryptocurrency market poses the question of how far can the coin go.

According to Sean Williams of Fool.com, it is expected to drop from 93% to 99% over the next two years.

However, aside from Bitcoin, no digital currency has witnessed the magnitude of the profits generated by the Shiba Inu coin, but there have been a number of significant cryptocurrencies that have created life-changing gains. in a short time :

  1. In less than ten months, Nano has grown by 461.575%.

  2. In just over a year, NEO has grown by 163,711%.

  3. In just ten months and a week, the price of XRP has increased 62,452%.

  4. In about 13 months, the NEM increased by 57,359%.

  5. Over a period of 30 months, Litecoin has increased by 24,613%.

Also Read: Dogecoin Price Prediction: Doge Millionaire More ‘Bullish’ Than Ever As He Predicts A Large Increase

The CEO of Tesla is a cryptocurrency fanatic, as his followers know, especially on Twitter, where he tends to be open about the subject.

However, Musk revealed that he only has three cryptocurrencies.

First of all, Bitcoin. Musk was even believed to have been the person behind Satoshi Nakamoto, the mysterious creator of Bitcoin, in 2017, although this turned out to be incorrect.

Nonetheless, Tesla earlier this year bought $ 1.5 billion worth of Bitcoin. He even started using Bitcoin as a payment method for his electric vehicles.

However, due to concerns about the power consumption needed to create the largest cryptocurrency, it only lasted a few months.

Nonetheless, Tesla is expected to take over the cryptocurrency, according to Musk.

Second, Dogecoin. Elon Musk essentially took on the role of Dogecoin’s public face.

According to The motley fool, by 2020, in addition to the Shiba Inu coins, Musk had started tweeting regularly on Dogecoin. As a result, the price of the same coin increased with every tweet.

But it was in May of this year, when Tesla CEO Elon Musk hosted Saturday Night Live, that the company received the most attention. On the show, Musk called himself “the Dogefather”.

Musk said over the summer that he owned Dogecoin. He supports it because he feels “like the crypto of the people,” he noted.

Finally, Ethereum. Musk’s first public meeting with Ethereum was not a pleasant one as the tech CEO appears to be undecided about the cryptocurrency.

“I am not developing anything on Ethereum. Neither pro nor con, don’t use or own it,” he said in response to a tweet.

However, Musk now appears to have crossed the barrier. He revealed this year that he holds Ethereum tokens, alongside Bitcoin and Dogecoin.

Related article: Crypto to grow rapidly in 2022: Where to invest besides Bitcoin, Ethereum


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