Shiba Inu coin price: why is the crypto currency up today, stock prediction - and Elon Musk influence

Cryptocurrency Shiba Inu (SHIB) has seen its stock rise over the past 24 hours

Crypto coin Shiba Inu has seen its market value soar over the past 24 hours.

The self proclaimed ‘Dogecoin Killer’, in reference to another cryptocurrency using the same breed of dog as its symbol, has enjoyed a surge in popularity of late.

Shiba Inu (SHIB) saw its stock rise by 23.83%% in the past day (9.50am, 27 October 2021), as it continues to be a trending upwards asset on the crypto market.

Dogecoin, set up as a joke in 2012, has received attention from public figures such as Elon Musk and Snoop Dogg in 2021 as investors look to drive up its price.

Why is Shiba Inu going up?

Shiba Inu saw a significant increase in its cryptocurrency value - outstripping the leading digital tokens on 27 October, as the market was down 6.46%.

It was highlighted as the top gainer at the time on Coinbase.

It’s market value rose after billionaire entrepreneur Elon Musk posted a picture of his new Shiba Inu puppy with the caption Floki Frunkpuppy on Twitter.

Tesla CEO Musk has had a habit of posting cryptic messages on Twitter which has had a domino effect on the crypto currency market.

Will Shiba Inu reach the $1 valuation?

Social media posts like the one Elon Musk published often see its market value rise, though remains some way off achieving its goal.

Now the same noises are being made around the Shiba Inu coin.

Followers of the digital token are keen to get SHIB up, up and away to the $1 mark though it faces an uphill task with its current price of £0.00003717 (27 October).

Yet it has increased 44,941,199.01% in value since the start of the year, spiking in May before the crypto market crash cut it down where it has remained, until now.

Further posts of Musk’s Shiba Inu puppy can only serve to improve its chances.

What is Shiba Inu?

As is the case with most cryptocurrencies new to the market, there is little known about Shiba Inu at present other than its high increase in popularity and market value.

The crypto token is shown as SHIB and allows users to hold billions or trillions of them.

Its website states: “Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”

The cryptocurrency is the first token to be listed and incentivized on the coin’s own decentralized exchange platform, ShibaSwap, according to its website

What are the warnings with cryptocurrencies?

The world of cryptocurrencies can be a tricky field to navigate for the uninitiated.

In late 2020, Brits were banned from buying some cryptocurrencies after a rise in the number of people making bad investments and losing money.

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.

Further afield, China has banned all cryptocurrency transactions in the latest move of a widespread crypto clamp down within the country.

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