Shiba Inu SHIB Dogecoin

Rise of Shiba Inu Coin: Can Elon Musk Save Dogecoin?

Shiba Inu SHIB Dogecoin
Shiba Inu Coin (SHIB) has soared against the market, with its market cap entering the top ten cryptocurrencies. There is one major event in SHIB’s future. Meanwhile, as SHIB is flipping Dogecoin (DOGE), can Doge’s Godfather Elon Musk save the meme coin again?

SHIB was just a crypto token rooting from the meme coin Dogecoin. The recent rebound in SHIB’s popularity was due to a massive purchase from a mysterious SHIB whale late September. That has created a huge market sensation.

Meanwhile, SHIB’s selling pressure has reduced. In May, Ethereum’s co-founder Vitalik Buterin donated 50 trillion SHIB to the Crypto COVID Relief Fund.

According to the data, the fund sold SHIB tokens from May to September, cashing out $460 million. It announced in October that it had sold all SHIB token holdings. Following the news, SHIB surged in its market capitalization to top 20 crypto.

Meanwhile, meme stocks in the U.S. market soared. Truth Social, the new social media platform former U.S. president Trump rolling out, is going public with a SPAC merger. The stock, DWAC, has soared by as much as 471%.

Robinhood to Add Shiba Inu Coin to Trading Platform?

So far, the market cap of Shiba Inu Coin has reached $41.4 billion, ranking 9th among cryptocurrencies. Moreover, SHIB surpassed the USDC stablecoin ($32.7 billion), and Dogecoin ($31.2 billion).

What’s next for the Shiba Inu Coin? It has likely to do with Robinhood, American retail investors’ favorite investment app. The stock and crypto trading app is rumored to let customers trade SHIB on its platform. Earlier, more than 360,000 people have signed up to call Robinhood to list SHIB. No official update from Robinhood, however, this would be the next catalyst for SHIB.

As SHIB is flipping Dogecoin (DOGE), can Dogecoin’s Godfather Elon Musk save the meme coin again? Elon Musk has returned to the “crypto twitter” after breaking up with Grimes late September.

Musk revealed that he did not hold any SHIB coins, only Bitcoin (BTC), Ether (ETH), and Dogecoin. Later, SHIB’s official Twitter account responded: “WE DON’T NEED ELON MUSK #SHIBARMY.”

Moreover, Musk praised Dogecoin as “the people’s crypto”, as he witnessed lots of Tesla and SpaceX staff holding Dogecoins. As Dogecoin’s biggest influencer, Musk is likely to be the driving force of the meme coin’s prices.

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