3 main reason for Shiba Inu’s rise in Price

To begin, let’s explore what Shiba Inu coin is.

According to it’s websites, Shuba Inu is “an experiment in decentralized spontaneous community building”. It was hard to put your head around that right? Let me further break it down for you in simpler terms. Shuba Inu is a SHIT coin, that’s what they are trying to say.

The Shiba Token is listed in it’s decentralized exchange platform named ShibaSwap. The total possible available supply of Shiba Token is one quadrillion. For context (1,000,000,000,000,000).

The Shiba Inu dog is the symbol of the Shiba Inu coin. It is fondly nicknamed the “Dogecoin Killer” by it’s large online community.

The 3 reasons for Shiba Inu’s pump in Price

1. The Elon Musk Factor

The immediate reason backing Shiba Inu’s outrageous price pump, displays the very nature of shit coins. This is how it happened.

In September this year (2021), SpaceX and Tesla CEO, Elon Musk got a new pet dog, which is he named Floski. On Monday, 4/10/21. He came on Twitter and tweeted a random picture of his new pet dog and captioned it,  “Floki Frunkpuppy”.

Tweet by Elon Musk

It is important to note here that his tweet didn’t have anything to do with Shiba Inu coin. But, I must admit, the dog looks like a Shiba Inu. Fans and followers of crypto interpreted this to be a sign to buy Shiba-Inu coin. So, the buying frenzy erupted.  The coin has been skyrocketing ever since then, rewarding initial buyers handsomely.

If you are een observer of the crypto market, you will not be wrong to argue that the tweet by Elon Musk was deliberate attempt to pump Shiba-Inu, because earlier this year, on March 13 to be precise, Elon Musk made a tweet that read

“I’m getting a Shiba-Inu #resistanceisfutile”

Shiba Inu slowly crept into people’s minds and consciousness since that tweet. And it went up invalue during that period. We cannot deny it is the same trick, Elon Musk is using, considering these factors.

2. The Community

The key advantage Shiba Inu has over other shit coins is the community around it space. And this feature is one of the major driver for it hype. So, whenever there’s a pump in it price, this community trumpets it to high heavens. Forcing FOMO on others who ordinarily wouldn’t be interested in it.

Do you Remember the not so coherent meaning of Shiba Inu, it made mention of  “…spontaneous community building” It is important to note that, Shiba Inu coin is modeled after Dogecoin, another shit coin supported by billionaire Elon Musk.

The success of Dogecoin can be traced to it enormous community support on Reddit, Twitter and telegram.Shiba Inu is also towing this line with it’s large support of Shib’s faithfuls.

3. Alt Coin Season

Fees weeks ago, Anupam Varshney, a writer for cointelegraph reported the impending arrival of the alt season in his article titled “Alt Coin wind of Change”

Since then we have seen Solana and other alt coins pump. The pump of Shib confirms we might be in an alt season after all. where other Cryptocurrency out perform Bitcoin.

Inconclusion,  it takes a combination of silent factors to make any coin pump – in this case a shit coin pump. In my experience as an analyst, coins don’t just pump. If you put your ear to the ground, you might just discover a pump that will make you a fortune