Shiba Inu Coin Rising: Understanding the Multiplied Value
Shiba Inu coin, also known as Shib Coin, is a cryptocurrency that was first launched in August 2020. The coin is named after the Shiba Inu dog breed, which is a popular breed in Japan. In recent times, Shib coin has gained so much popularity that it has multiplied in value by several hundred times in just a few months. In this article, we will be taking a closer look at how much Shib coin has risen in value and why it has been able to do so.
How much has Shib coin risen in value?
At the start of 2021, Shib coin was being traded at $0.00000006. However, at the time of writing this article, the coin is trading at $0.00000921, which is an incredible rise of over 150,000% in just a few months. This means that if you had invested $1,000 in Shib coin at the start of the year, your investment would be worth over $150,000 today.
Why has Shib coin been able to multiply in value?
There are several reasons why Shib coin has been able to multiply in value. Firstly, Shib coin is an ERC-20 token built on the Ethereum blockchain, which makes it an easily accessible coin. Secondly, the coin has a strong community that believes in its potential, which has led to a steady growth in its value. The community has also been able to successfully market the coin on social media platforms such as Twitter, which has brought more attention to Shib coin. Additionally, the coin has received support from several celebrities such as Elon Musk, who tweeted about Shib coin on May 7th, 2021, leading to a surge in its value.
Conclusion
In conclusion, Shib coin has risen in value by an incredible amount, and its current value is a testament to the power of the cryptocurrency market. The coin has been able to grow in value due to a combination of factors such as its strong community, accessibility, and celebrity endorsements. However, it is important to note that the cryptocurrency market is highly volatile, and investing in Shib coin or any other cryptocurrency should be done with caution and after thorough research.
