Elon Musk & Shiba Inu – What is the relationship between them?

The billionaire owner of Tesla, SpaceX and Twitter has done this several times in the past, whether he intended to or not. Most notably, the price of the crypto-currency Dogecoin has seen major price movements following tweets from Elon Musk.

This has led crypto-currency investors to speculate whether Elon Musk is also potentially involved in other crypto-currencies. Let’s see if there is a connection between Elon Musk and Shiba Inu, a crypto-currency similar to Dogecoin in many ways. Does Elon Musk own SHIB and have any interest in the project? That’s what we’ll find out.

What is the Shiba Inu?

Shiba Inu is a meme currency heavily inspired by Dogecoin. Like its popular rival, the Shiba Inu crypto-currency also uses the popular dog breed Shiba Inu in its branding. Unlike Dogecoin, which has its own blockchain, Shiba Inu is issued as an ERC-20 token on the Ethereum blockchain.

Shiba Inu coin (SHIB) was created in August 2020 by an anonymous person known as “Ryoshi“‘. Another important person in the Shiba Inu project is “Shytoshi Kusama“who is leading the development of the project.

Prior to the launch of Shiba Inu, a good number of meme currencies were already in circulation, including Dogecoin. Memes are crypto-currencies inspired by Internet memes and jokes. In most cases, meme currencies have a very large supply in circulation, resulting in a low price per coin (although their market capitalization can be large).

Although Shiba Inu has similarities to other meme coins, it is unique in many ways. Unlike some meme coins that offer little beyond branding, the Shiba Inu project has developed several products. For example, Shiba Inu has a decentralized exchange (DEX) called ShibaSwap, which started as a fork of SushiSwap. Shiba also has several other offerings, including NFTs.

The Shiba Inu team has several plans to make the SHIB ecosystem more robust and valuable. In an effort to extend the usefulness of SHIB tokens, the team has introduced a metaverse. In addition, the Shibarium layer-2 scaling network is being built to accommodate the entire ecosystem. These developments could be what it takes for Shiba Inu to become the next crypto-currency to explode.

Shiba Inu’s explosive rally in 2021

Shiba Inu was one of the biggest winners during the 2021 crypto-currency bull market. The meme coin recorded incredible price growth between April and December 2021. On April 12, 2021, the coin was worth $0.000000105208, but by May 12, 2021, it had reached $0.00003078.

After its initial bullish phase, the price of Shiba Inu fell and fluctuated in June, July and August. It resumed the upward trend towards the end of September. On October 28, 2021, the coin reached its record value of $0.00008819.

The meteoric rise of the Shiba Inu market in 2021 has made people realize that meme coins could be worth much more than we think. Although the current price is about 89.47% below the all-time high, SHIB still maintains a market cap of $4.85 billion at the time of writing.

It’s important to point out here that Shiba Inu’s explosive 2021 rally occurred when the crypto market was very good overall. Dogecoin also performed wonderfully at the time, but Shiba was somewhere at the top, among the biggest winners. This growth triggered the entry of similarly themed meme currencies into the crypto space. Many traders and investors are even looking forward to the next Shiba Inu coin.

Does Elon Musk own the Shiba Inu coin?

Elon Musk has a soft spot for Dogecoin, which has led users to speculate whether he is also a fan of Shiba Inu. However, there is currently no evidence to suggest that Elon Musk owns SHIB tokens.

It’s no secret that Elon Musk owns crypto-currencies. At one point, his company, Tesla, was receiving payments in bitcoins. A crypto-currency enthusiast, Elon Musk has revealed on several occasions that he holds Bitcoin, Dogecoin and Ethereum.

Nevertheless, it seems that Shiba Inu is not part of Elon Musk’s crypto-currency portfolio. In October 2021, Musk was asked how many SHIB tokens he held. The billionaire entrepreneur simply responded by saying, “None“.

What is Elon Musk’s involvement with the Shiba Inu?

Elon Musk does not seem to be involved in any way with the Shiba Inu project. According to him, the only crypto-currencies he owns are BTC, ETH and DOGE, and he has explicitly stated in the past that he does not own any SHIB tokens.

Of course, this is unlikely to silence speculation about possible connections between Shiba Inu and Elon Musk. Rumors and speculation play a vital role in crypto markets, especially when it comes to meme currencies like SHIB.

Conclusion

Elon Musk’s public support for Dogecoin was a major factor in DOGE’s bullish rally in 2021. Dogecoin’s success also boosted other meme currencies like Shiba Inu, so we could say that Elon Musk also impacted the SHIB markets in a roundabout way. However, we need to be very clear that there is currently no evidence that Elon Musk holds SHIB or is involved in the Shiba Inu project in any way.

So, if you’re wondering what needs to happen to get the price of Shiba Inu to $1, you probably shouldn’t count on Elon Musk’s support to launch SHIB to the moon. A lot will depend on whether the team behind the project can continue to achieve its goals, which would make SHIB a more attractive crypto-currency even without the influence of Elon Musk and other big crypto-currency enthusiasts.