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Shiba Inu Coin (SHIB) Has Increased By 45 Percent In The Last 24 Hours; Here's Why?

The Shiba Inu Coin (SHIB), which has risen by almost 45 percent in the last 24 hrs, has once again stunned the cryptocurrency world. The cryptocurrency was trading at $0.00001269 on Tuesday, with a market valuation of $4,987,163,978 after rising by 49% since Monday.

Meanwhile, on Monday, all major cryptocurrency market values remained negative, with only a minor gain in the value of the remaining coins.

SHIB is an experiment in decentralised spontaneous community creation, according to their official website. The authors of this token were inspired by the Dogecoin community. The creators of Shiba Inu, on the other hand, want SHIB to be more than just a joke.

The SHIB Token is an ERC-20 token that can be used on the Ethereum network. The Shiba Inu is known in the community as the "Dogecoin Killer." A significant community of currency holders also supports and promotes the token on social media sites like as Reddit and Twitter.

Why is the price of Shiba Inu increasing?

The cryptocurrency market is extremely volatile and unpredictable, and cryptocurrencies that have no justification for being at the top are frequently pumped up.  However, after a tweet from Tesla CEO and Dogecoin investor Elon Musk, the coin has risen in value. The price of Shiba Inu soared in a couple of minutes after Elon Musk published a photo of his new pet dog, dubbed 'Floki.'

Musk tweeted another photo of the puppy on Monday with the caption "Floki Frunkpuppy," causing the price of the token to rise.

Price prediction for Shiba Inu

Since Dogecoin's buzz has died 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 swings, 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 estimate that the coin's value will climb in a year, but only to roughly $0.000018. In the next three to four years, no significant crypto market expert or firm predicts that the coin will hit $1.

When the creators of SHIB announced significant ambitions with the project and said they were working on developing an NFT network based on the Shiba Inu Network, the initiative attracted investors' attention. The SHIB coin is an ERC-20 token that runs on the Ethereum platform.

The Shiba Inu is known in the community as the "Dogecoin Killer." The price of the coin soared earlier this year after Vitalik burnt up over half of the Shiba Inu supply, sparking a boom in demand.