Shiba Inu is going to the Moon, with or without Elon Musk. The coin has risen over 900 percent, hitting multiple all-time highs along the way after Elon Musk responded to a comment. So, what Elon Musk said about Shiba Inu. Let's see
What Elon Musk said about Shiba Inu which causes the rise in the price of the coin
Despite Tesla CEO Elon Musk's rejection that he doesn't own the popular meme coin Shiba Inu, it is going to the moon, increasing over 900 percent.
But unlike Dogecoin and Floki tokens, two other meme coins, the SHIB token has been able to make the majority of its gains without Elon Musk's support. While Musk's comments have occasionally caused cryptocurrency values to spike and occasionally plummet, his relative inaction with the SHIB token emphasizes the token's advantages.
In response to another Twitter user, the billionaire recently tweeted that he did not own any SHIB tokens. This caused a brief drop in SHIB prices of 20% before the token recovered the losses with some additional gains. The SHIB token even managed to overtake Dogecoin in terms of its market cap.
Why Shiba Inu Does not Need Elon Musk To Gain Its Value?
In contrast to other meme coins, the creators of the SHIB token have worked hard to identify a practical application and utility for the token. With the help of Shibaswap and tokens like BONE and LEASH, the token already has a strong ecosystem in place. The SHIB cryptocurrency has both the Shibaswap platform and an NFT marketplace.
According to a report on CoinMarketCap, the forthcoming launch of the meme coin's own blockchain would be the next significant milestone for the currency. A new layer-2 blockchain called Shibarium was created for the Shiba ecosystem. It will use the BONE token and has a fair "zero" starting point for all users.
Ryoshi, the pseudonymous developer of SHIB token, has stated transaction costs on the new blockchain will be either zero or next to zero. Shytoshi Kusama, the Shiba Project Lead, stated on the Shiba Discord server that the new blockchain will only charge nominal fees for any service, game, or product that is built on it as well.
The expanding real-world use for the SHIB token and ecosystem may be the impetus needed for the token to finally cross over through the next few resistance levels and gain the much-needed market cap to compete against bigger coins.
"What Elon Musk Said About Shiba Inu: Why Shiba Inu Does not Need Elon Musk To Gain Its Value?" I hope this article can tell you why Shiba Inu doesn't need Elon Musk to gain its value.
