The most meme-ish coin, shiba inu, continued its price rally on Tuesday, despite receiving mixed signals from ‘Dogefather’ Elon Musk.
SHIB’s price continued to rise with support from its crypto fan base, which appeared to be loyal in adversity. On Monday, a shiba inu Twitter account asked Musk how many SHIB tokens he owns. Even though Musk has been promoting the token on social media and he has been widely seen as the man behind shiba inu’s price rally, he replied “None”.
That came exactly at the moment shiba inu was gaining 50% and some believed it was on its way to become the 11th largest cryptocurrency in the world. It was down 1.83 percent on October 25 following Elon Musk’s reply. However, the popular meme coin later showed signs of resilience and experienced another bullish rise rising to 0.000049 at the time of writing.
Shiba inu’s price fluctuations have been linked to Elon Musk’s tweets and his public bursts of support for cryptocurrency. Its price rallied in October when Musk posted a picture of his pet dog Floki sitting inside a Tesla car.
Shiba inu was inspired by Dogecoin and they are both now rivals in an altcoin “meme war”. The price of both coins depends on the principle of network effect and relies on a social media fanbase. SHIB started its journey less than a year ago aiming to become the “Dogecoin killer” and it quickly gained value.
Will it hold its ground against Dogecoin? Everyone loves a puppy pic, but when it comes to the quirky world of crypto, nothing can be certain.