Shiba Inu coin: Twitter dogecoin logo explained, Elon Musk influence, SHIB coin price - latest news

Crypto coin Shiba Inu has seen its market value rise in the last 24 hours, perhaps thanks in part to Elon Musk’s Dogecoin logo stunt on Twitter. Shiba Inu (SHIB) saw its stock rise by 5.5% in the past day (10.57am, 4 April 2023); at the time of writing, the price of SHIB coin is $0.00001145 (£0.0000092).

Both Dogecoin and Shiba Inu use the beloved (and meme-centric) dog breed as their mascot, though they are separate cryptocurrencies with their own unique features and communities.

The creators of the self-proclaimed ‘Dogecoin Killer’have openly stated that they were inspired by Dogecoin and wanted to create a similar community-driven cryptocurrency.

Dogecoin was initially created as a joke in 2013, but it quickly gained a following and became a popular cryptocurrency, receiving attention from public figures such as Elon Musk and Snoop Dogg. Here’s everything you need to know about its Shiba Inu rival.

Why is Shiba Inu going up?

The recent rise in the price of Shiba Inu could possibly be attributed to Elon Musk's Twitter dogecoin logo stunt. Despite the fact that Dogecoin and Shiba Inu are separate cryptocurrencies with their own distinctive features and communities, they both use the popular (and meme-centric) dog breed as their logo.

In what looks to be a late April Fool’s joke from the billionaire owner of the social media platform, Musk has updated its distinctive blue bird logo to imitate the emblem of popular cryptocurrency Dogecoin.

Though Musk has not provided an explanation for the modification, some people have theorised that it was an April Fool’s joke that the firm was unable to implement on time.

The change occurred just days after Musk asked a US court to dismiss a $258 billion (£207 billion) lawsuit brought against him by Dogecoin investors over an alleged pyramid scheme.

According to the complaint, first reported by Reuters in June of last year, plaintiffs assert that Musk knew the cryptocurrency had no value as of 2019, but still promoted Dogecoin to make money from its trading.

“Musk used his pedestal as the world’s richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement,” the complaint reportedly stated.

Musk has had a habit of posting cryptic messages on Twitter which has had a domino effect on the crypto currency market. But many argue that Musk’s tweets and comments about Dogecoin are often humorous and not necessarily indicative of his actual investment intentions.

Indeed, Musk and Tesla’s lawyers have referred to the allegations in the complaint as a “fanciful work of fiction”, saying the billionaire posts “innocuous and often silly tweets”.

What is Shiba Inu?

Shiba Inu (SHIB) is a cryptocurrency that was created in August 2020. It is named after the Shiba Inu dog breed, which is also the same breed featured in the popular Doge meme.

Shiba Inu is an ERC-20 token on the Ethereum blockchain, meaning that it is built on top of the Ethereum network and uses the same technology as other Ethereum-based tokens.

The cryptocurrency gained significant attention in 2021, particularly in May when its price experienced a major surge. The price increase was largely attributed to a tweet from Elon Musk, in which he mentioned Shiba Inu alongside Dogecoin and other cryptocurrencies

Shiba Inu has a few notable features, including a large total supply of 1 quadrillion tokens (unlike Bitcoin, which has a limited supply of 21 million coins) and a decentralised exchange called ShibaSwap. Shiba Inu also has its own community-driven charity program called “Shiba Rescue,” which supports animal welfare causes.

What are the warnings with cryptocurrencies?

It’s important to note that like all cryptocurrencies, Shiba Inu can be volatile and risky, and it’s important to do your research and understand the risks before investing, as the world of cryptocurrencies can be a tricky field to navigate for the uninitiated.

In February, the UK government promised new crypto regulation in “ambitions plans” to “protect customers” and boost confidence in the sector. Ministers want to bring the sector closer in line with the regulation that governs how traditional financial institutions work.

In a statement, the Treasury said its new “robust approach” to regulate the sector will mitigate “the most significant risks”, but will also allow the UK to tap into the advantages of crypto technologies.

It also said it “will seek to regulate a broad suite of cryptoasset activities”, in a way that is consistent with how it approached traditional finance. The industry worldwide has been hit by a series of crises. Most recently the FTX exchange collapsed which prosecutors described as “one of the biggest financial frauds in US history”.

The Financial Conduct Authority (FCA) warns people about the risk of investing in cryptocurrencies, referencing price volatility, product complexity, charges and fees, marketing materials, and consumer protection. NationalWorld doesn’t endorse any of the products mentioned in this article.