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The decline in the crypto market that started with the beginning of 2022 has also affected the Shiba Inu, one of the 10 most favorite cryptocurrencies in the world. On Saturday, the price of Shiba Inu Coin (SHIB) recorded a strong decline. Its price has come down by 6.81 percent. After this the price of the coin has come down by Rs 0.000059 to Rs 0.000808. At this price, its market capitalization has come down to Rs 440.8 billion.
Dodgequin Inspired Shiba Inu
According to the official website, the creators of SHIB created it with inspiration from DodgeQueen. However, the creators of Shiba Inu intended to make SHIB more than just a joke. The SHIB token is an ERC-20, compatible with the Ethereum network. The Shiba Inu has been called the ‘Dodgequin killer’ by its community. The token has been supported by a large community of coin holders. It has been promoted on social media like Reddit and Twitter.
Recently there was a sharp jump
The crypto market is very volatile and unpredictable. Often cryptocurrencies, which have no reason to be on top, are pumped. Shiba was sparked last year following a tweet by Tesla Chief Executive Officer (CEO) and Dodgecoin investor Elon Musk. The price of the Shiba skyrocketed in no time after Musk first shared a photo of his new pet dog ‘Floki’. On Monday, Musk tweeted another picture with the caption ‘Floki Frunkpuppy’, prompting a sudden jump in the price of the token.
Shiba Price Prediction
Ever since the hype of DodgeCoin has waned a bit, many new crypto enthusiasts are promoting Shiba Coin. Musk has now become the leading man for the SHIB price change as his pet dog Floki has now become an internet favorite. However, experts suggest that such an increase in the price of the token without any major reason is not a good investment. Major investors have predicted an increase in the value of the coin. No major crypto market expert or firm is suggesting that the coin will reach a dollar in the next three to four years.