Crypto is coming. And we’re not talking about the super-confusing, super-scary world of blockchain and cryptocurrency. We’re talking about Shiba Inu, a cryptocurrency which was promoted as the ‘Dogecoin killer’, and set a new record for the fastest growth in India during the festival season.
One of the main reasons for the rise was the spread of unconfirmed rumors around the cryptocurrency market that is listed on Robinhood, a popular stock market trading app.
It was also because Elon Musk tweeted a picture of the Shiba Inu token that was going to the moon. However, it wasn’t for long because the Shiba Inu token never made it to the moon.
There’s A New Currency In Town and It’s Tearing Up The Charts
Almost immediately after Elon Musk posted the picture, the token was trading at US$0.000026 and within the next 24 hours it had risen to US$0.000044 according to CoinMarketCap. The present market value of Shiba Inu is significantly higher than some Indian companies.
India experiences a splurge on gold during the festival season, both to gift and to receive. However, the cryptocurrency surge has much more than doubled which analysts believe could be due to the new trend among Indians buying cryptocurrency.
Robinhood recently received 400,000 signatures on Change.org calling for the company to list the dog mascot of Dogecoin, which is a parody of Bitcoin.
One of the main reasons for the rise of cryptocurrency is that many Bollywood celebrities have begun promoting non-fungible tokens, such as Amitabh Bachchan, Salman Khan, and Manish Malhotra.
Shiba Inu also launched a decentralized exchange in July, ShibaSwap, facilitating NFT trading.
ZebPay’s Chief Revenue Officer, Nirmal Ranga said, “Shiba Inu supports innovative and artistic projects like NFT art incubators … all of which have contributed to the token’s value and popularity among traders.”.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
