Industry News Shiba Explodes in Value Overnight and Shines a Light on the Murky Joke Cryptocurrency Space

Shiba Explodes in Value Overnight and Shines a Light on the Murky Joke Cryptocurrency Space

October 26, 2021

The Shiba Inu coin is a part of the cryptocurrency network that is universally known as the joke token community. It includes many other blockchain systems that have been built using the general cryptocurrency mechanisms, like the one seen in the BTC network, but which are a form of an elaborate joke. However, these joke tokens are also selling for real money on the markets and countless individuals are actively trading or investing in them as well. That is why these can sometimes reach a point of a huge price value increase, as well as a violent, torrent-like influx of money, thus market capitalization as well, into the same digital currency. 

Presently, that is happening to the shiba token and it is experiencing its strongest pierce hike ever since it began working. Immediately, everyone began talking about it as well, thus enforcing the same influx of funds. But then, the cycle broke. While many are wondering where the pump cycle will go up and break again, as well as how it will begin to retract back and retrace its steps into a lower token price tier, others are interested in the same joke cryptocurrency space more than ever. 

Elon Musk Position

For the critics of the famous billionaire entrepreneur who wishes to explore the cosmos and revolutionize the way we move about on Earth, even the fact that he is discussed is often a sign of utter communication failure. Yet, Elon Musk proved himself incredibly able to insert his opinion in a range of topics, including those that are concerned with cryptocurrencies. In the modern world, where subjects of esports, politics, comedy, and many others all coexist on social media, this might seem like the natural state of informational being. 

But even for that ecosystem, Musk’s ability to weigh in on all manner of things is truly spectacular. That is why it is no surprise that he already provided an opinion on the shiba token and its sudden expansion of popularity. However, many fans of the shiba token and those who had been following the SHIB price moments on the market, hoping for a future upswing quickly became disillusioned with Elon Musk’s take on the same token. Instead of supporting it in some manner, he stated that he holds no shiba tokens and does not plan to get any anytime soon. 

Possible Crash Reasons 

The supporters of shiba token have recently gotten their new nemesis – again, the same person is Elon Musk. On social media, he was asked if he held any shiba, to which he replied that he did not own any. Instead, Musk personally holds BTC, ETH, and some dogecoin as well, which is a joke cryptocurrency, but not of the shiba kind. Previously, he did mention shiba on his Twitter account and make some meme-related jokes about it, but he holds none at the present moment. 

The statement means that he also does not hold any of the other dog-based, joke-based crypto tokens either. Quickly after that, the price of shiba plummeted, ending its unexpected rise in value abruptly. That slashed around 50 percent of all of its gains, but the token managed to stabilize after that, still moving out of the critical period with some strong upward impulse behind it. Currently, it stands at around 0.004 USD per coin.

Dog Wars

The sudden jump in price has taken many by surprise, even inside of the crypto community and even among those who actively follow the shiba markets. But, the problem of the same event remains similar to the problem of the entire shiba crypto space. It remains a copy of a copy, where the much more famous dogecoin rules supreme. As the original joke cryptocurrency, the same token has generated attention in a range of situations over the years. 

Even the richest man in the world, again, Elon Musk, is now actively working on improving the entire network of dogecoin and making the same cryptocurrency a global phenomenon that is not only a part of the memes but also the everyday life of many ordinary individuals. This would include making the same network cheap, expedient, and scalable in all domains of financial exchange. Because of that, Musk is also a part of The Dogecoin Foundation, where he is an associate member. So, dogecoin has all going for it when it comes to any joke or dog cryptocurrency. Because of that, in the same regard but only inside of its camp, shiba has nothing to offer in any meaningful technical terms, but even when it comes to the sheer promotional potential. The world already saw that joke and it began with dogecoin.

Joke Cryptocurrency Space

The events related to shiba coin prove yet again that the ecosystem of joke cryptocurrencies is both potent and also rarely logical. Even for the very volatile circumstances of the general crypto markets, where things like the bitcoin token can ebb and flow in billions of USD on a daily basis, the events in the joke crypto market are way beyond that. In this case, shiba exploded in value over nothing at all – no regulatory, investor or technical advancement of any kind took place that could reasonably explain why the cryptocurrency moved up so fast and so hard. Instead, it simply took place and the investors and supporters could either jump on board or sit it out. 

Many decided against sitting it out, which created the same snowball effect. In this regard, the cryptocurrency movement of the past few days inside of the shiba ecosystem is more similar to the events behind the Wall Street Bets phenomena. During that period, people gathered around a Reddit subforum decided to pump money into random US companies and create that runaway price movement. Here as well, joke tokens show that the same potential lies inside of the already hectic market and will likely be exploited further in the future as well. That might be something of bad news for those who want the crypto markets to become more similar to traditional ones, but most understand that this neither can nor should happen.

Source: Cryptopotato