Earlier this year, billionaire entrepreneur Elon Musk threw his weight behind Dogecoin, a meme coin that was launched as a joke on the rise of Bitcoin in 2013.
Also, an online petition on Change.org, calling for Shiba Inu to be listed on Robinhood trading platform, has gotten massive support.
All these factors combined to push Shiba Inu’s value more than 10-fold in October, once giving it a market capitalization more than even its main rival Dogecoin.
While both Shiba Inu and Dogecoin have lost their gains since, the fall is sharper for Shiba Inu.
However, investing in cryptocurrency is risky and making money is never guaranteed business.