Cryptocurrency

Shiba Inu and social media implications

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The Shiba Inu cryptocurrency has been making its journey on top over the last week as it rose by 50% to become the 11th largest cryptocurrency on the market. On October 24, it hit an all-time high of $0.000044.

Elon Musk, the chief executive officer of Tesla, affirms he does not own a Shiba Inu (SHIB) coin when tagged on Twitter, including a SHIB image.

Shiba Inu hits highest profit margin

On October 18, Musk tweeted a picture of a Shiba Inu when the token was trading for $0.000026. His tweet gradually increased the coin’s worth. On Saturday, it was selling at roughly $0.000027. On CoinMarketCap, it increased by over 50% over the next 24 hours, reaching a high of $0.000044.

SHIB is now trading at $0.0031 at 11:45 IST, according to CoinBase statistics. SHIBA INU’s price has climbed by 43.09% in the last seven days, CoinBase data show. The price has increased by 3.81% in the previous 24 hours. In the last hour, the price has decreased by 1.55%.

Gains are soaring while government tightens controls

The U.S. Federal Reserve has stated that cryptocurrency will not be prohibited. It provides hope that confident policymakers in the country may grasp the massive potential of cryptocurrencies and blockchain technology in the not-too-distant future.

The U.S. Department of Justice has announced a nationwide cryptocurrency enforcement team to combat bitcoin-related crimes.

In the third quarter of this year, the NFT sales volume exceeded $10.7 billion. This represents a ninefold increase over the previous quarter. Coinbase, one of the largest cryptocurrency exchanges, recently disclosed that hackers accessed its systems, resulting in the compromise of over 6,000 user accounts.

Musk’s tweet of his puppy, Floki, was highly beneficial to Shiba Inu. Social media interventions by influencers continue to affect the cryptocurrency sector.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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