A Twitter user recently asked Elon Musk how much of Shiba Inu he holds, and Musk answered, “none.” He then said he had bought Bitcoin, Ether, and Dogecoin, and “that’s it.”
Musk’s net worth is now estimated at $253 billion, placing him as the world’s wealthiest person, surpassing the fortune of Amazon founder, Jeff Bezos by a wide margin.
As of early Monday morning, SHIB, as the crypto is known, was down 15% from its all-time high reached on Sunday, trading below $0.00004, according to data retrieved from Conbase.
Tokens based on Japanese hunting dogs have increased by more than 400% in the past 30 days to become the 11th-largest by value.
The coin was founded in 2020 by Ryoshi, going by the name Shiba Inu. Ryoshi describes it as “a decentralized meme token that evolved into a vibrant ecosystem.”
Shiba Inu was meant to be Dogecoin’s Srypt-based mining algorithm on Ethereum. Shibi Inu is part of a swarm of dog-related cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin, Jindo Inu, and Alaska Inu.
Among the factors contributing to Shiba Inu’s rally are its efforts to be listed on Robinhood, the ecosystem’s foray into non-fungible tokens, and general excitement about meme assets. The token’s movement is often attributed to little reason, but many market analysts warn it may struggle to maintain its momentum.
In order to foster the “artistic Shiba movement” as they bring the SHIBA INU community into the NFT market, the SHIBA INU website invites dog-inspired artists from around the world.
Even after its most recent dumping, SHIB, the token that doesn’t seem to be taken seriously by most institutional investors, is far from dead. Blockchain data illustrates the power of small, individual investors united against big institutions.