Beyond the ‘Musk Effect’, Is It Still A Good Choice to Invest in Shiba Inu?
2022-01-25 11:01:10
While mainstream cryptos like Bitcoin, Ethereum witnessed several ups and downs based on various economic factors, Shiba Inu witnessed a price and popularity spike in 2021. This meme coin topped the Coinmarketcap index of most-viewed crypto coins in 2021 with 188 million-plus views, for comparison, this is 43 million more views than Bitcoin.
What is the ‘Musk Effect’?
Besides surpassing Bitcoin in popularity, Shiba Inu coin price gained over 17,000,000% in value in 2021 alone. But believe it or not, the price of Shiba Inu was at its lowest at the beginning of 2021, and its price continued to be $0 for a considerable period in January 2021. It was only towards the end of the month that its price rose to $0.00000001.
The price remained considerably low till Elon Musk tweeted about Shiba Inu on March 14 for the first time in 2021.
The impact of Musk’s tweet was visible immediately as SHIB received the highest recorded price in April being more than 300% higher compared to its price in March. Again, in May, Musk replied to a tweet, “I’m looking for a shiba pup!” Afterwards,here was an instant price surge of 25% and SHIB recorded an all-time high when compared to the last four months.
Furthermore, the highest price of Shiba Inu in May rose by more than nine timescompared to April. Crypto experts named the relation between the price fluctuation of SHIB and Musk’s tweets the “Musk Effect”.
This was not the end. The price of this meme coin surged nearly 1,000% in September, after Musk tweeted a Shiba Inu puppy. In October, “Musk Effect” was still in play as the price skyrocketed to a new high. After Musk’s tweet in October, Shiba Inu became the 11th largest cryptocurrency in the world by market value.
Unfortunately, in October, only one word from Musk sank the coin. When asked how much SHIB he was holding, Musk replied with a single-word: “None”.
This sent SHIB down 20%. Overall, the highest price in December fell by nearly 32% as compared to November, according to the leading crypto exchange Gate.io.
Is SHIB Still a Good Buy?
Data from Gate.io also showed that the Shiba Inu coin price has lost over 65% from its previous high and has passed through major resistance levels during its downward rally.
Recently, this coin has been stuck at the 0.00003 USDT demand zone. Investors believed SHIB might find a resistance level there and gain value over time. Unfortunately, it didn’t happen and the price is also not indicating any signs of recovery or stalling.
Despite the reality of its weakness in price, “How to buy Shiba Inu coin'' is still a trending question as crypto investors scramble to buy the dip. There are several platforms where you can buy, including Binance, Crypto.com, Atomic Wallet, KuCoin and Gate.io. You can also buy SHIB on Uniswap (via Trust Wallet), which requires you to exchange Ethereum for SHIB.
What is the ‘Musk Effect’?
Besides surpassing Bitcoin in popularity, Shiba Inu coin price gained over 17,000,000% in value in 2021 alone. But believe it or not, the price of Shiba Inu was at its lowest at the beginning of 2021, and its price continued to be $0 for a considerable period in January 2021. It was only towards the end of the month that its price rose to $0.00000001.
The price remained considerably low till Elon Musk tweeted about Shiba Inu on March 14 for the first time in 2021.
The impact of Musk’s tweet was visible immediately as SHIB received the highest recorded price in April being more than 300% higher compared to its price in March. Again, in May, Musk replied to a tweet, “I’m looking for a shiba pup!” Afterwards,here was an instant price surge of 25% and SHIB recorded an all-time high when compared to the last four months.
Furthermore, the highest price of Shiba Inu in May rose by more than nine timescompared to April. Crypto experts named the relation between the price fluctuation of SHIB and Musk’s tweets the “Musk Effect”.
This was not the end. The price of this meme coin surged nearly 1,000% in September, after Musk tweeted a Shiba Inu puppy. In October, “Musk Effect” was still in play as the price skyrocketed to a new high. After Musk’s tweet in October, Shiba Inu became the 11th largest cryptocurrency in the world by market value.
Unfortunately, in October, only one word from Musk sank the coin. When asked how much SHIB he was holding, Musk replied with a single-word: “None”.
This sent SHIB down 20%. Overall, the highest price in December fell by nearly 32% as compared to November, according to the leading crypto exchange Gate.io.
Is SHIB Still a Good Buy?
Data from Gate.io also showed that the Shiba Inu coin price has lost over 65% from its previous high and has passed through major resistance levels during its downward rally.
Recently, this coin has been stuck at the 0.00003 USDT demand zone. Investors believed SHIB might find a resistance level there and gain value over time. Unfortunately, it didn’t happen and the price is also not indicating any signs of recovery or stalling.
Despite the reality of its weakness in price, “How to buy Shiba Inu coin'' is still a trending question as crypto investors scramble to buy the dip. There are several platforms where you can buy, including Binance, Crypto.com, Atomic Wallet, KuCoin and Gate.io. You can also buy SHIB on Uniswap (via Trust Wallet), which requires you to exchange Ethereum for SHIB.
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