Shiba Inu Might Slash Two Zeros with Elon Musk’s Support

Shiba Inu and Dogecoin have a fascinating history of significant price spikes driven by various factors. Some might argue that Dogecoin was the standout cryptocurrency of 2020/2021, boasting a remarkable 150,000,000% increase.

Meanwhile, Dogecoin’s success can largely be attributed to notable backing from Elon Musk. In contrast, Shiba Inu’s astonishing rise is closely linked to community enthusiasm and market speculations.

With Dogecoin enjoying the endorsement of such a wealthy individual, it’s natural to wonder how Shiba Inu could perform if Musk were to promote it similarly.

Dogecoin’s Price Surge Linked to Elon Musk

Elon Musk first referenced Dogecoin on July 18, 2020, in a tweet responding to a follower about Bitcoin, saying, “We only sell Doge.” That prompted a 24% price spike the following day, moving from $0.003031 to $0.003753. Interestingly, Shiba Inu wasn’t even in existence at that time.

In the months that followed, Dogecoin’s price fluctuated, experiencing another increase after Musk tweeted about it again on November 17, 2020. The price went up from $0.002886 to $0.003800 by the end of the month and continued to rise, eventually surpassing the $0.0040 mark.

On December 20, 2020, Musk tweeted “One Word: Doge,” as a standalone tweet, which led to a daily jump from $0.0038 to $0.0054—a substantial 55.4% rise.

Following this, Dogecoin maintained a consistent upward trend, hitting the $0.01 mark in January 2021, as the crypto community began taking note of Musk’s influence.

On February 4, 2021, Musk shared an image with the caption “Doge,” which arguably marks the start of Dogecoin’s significant rally, spurred on by multiple supportive tweets from him throughout that month.

Dogecoin’s Stellar Performance During Musk’s Advocacy

Between February 2021 and May 2021, Dogecoin surged impressively from $0.0311 to a staggering $0.7376—a hefty 2,271% increase within just three months. During this time, Tesla also began accepting Dogecoin as a payment method.

Given the price when Musk first mentioned Dogecoin, which was around $0.003031, it saw an astonishing overall increase of 24,235% over the year.

Potential Outcomes for Shiba Inu if Musk Gets Involved

This leads to an intriguing question: what if Elon Musk were to promote Shiba Inu like he did with Dogecoin? While this remains speculative, we can ponder possible scenarios. A 24,235% gain for Shiba Inu, based on its current price of $0.00001322, would push its value to approximately $0.003217, effectively removing two zeros from its price—similar to Dogecoin’s trajectory.

Nonetheless, thoughts about Musk promoting Shiba Inu seem largely hypothetical. His apparent preference leans heavily towards Dogecoin.

Interestingly, Shiba Inu might have already indirectly benefited from Musk’s promotion of Dogecoin during the 2020/2021 timeframe. While Dogecoin had its meteoric rise from July 2020 to May 2021, Shiba Inu also experienced significant growth in January 2021.

The momentum for Shiba Inu persisted into October 2021, peaking at $0.00008845. In light of its performance, it’s clear that Shiba Inu outpaced Dogecoin during that period.

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