For some context, the S&P 500 has averaged an annual total return of closer to 11% since the beginning of 1980.
It might be difficult to tell given all the zeroes, but this represents a gain of more than 17,000,000% in roughly 15 months.
As Shiba Inu coin has risen the ranks, in terms of performance and market cap, a greater number of cryptocurrency exchanges have welcomed it for listing.
ShibaSwap is a decentralized exchange launched in July that allows investors to stake their coins and earn passive income.
Anytime he tweets about his dog or makes mention of the Japanese Shiba Inu dog breed via tweets or memes, investors have taken it as their cue to drive SHIB higher.
Looking ahead, there are two standout catalysts that “hodlers” are counting on to “knock out another zero” and help SHIB march ever closer to hitting $0.01 per token.
Robinhood is especially popular with young investors, which happens to be the same group of folks enthusiastic about cryptocurrencies like Shiba Inu.
Even with 18.9 million monthly active users, it’s unclear how many would trade SHIB on the platform after numerous trading outages and the aforementioned January incident.
Although volume spiked on June 1 and June 3 as Dogecoin was respectively listed on Coinbase Pro and Coinbase, it didn’t take long for DOGE to give up its gains.
We’ve seen similar reactions when new derivatives for Bitcoin are listed on Wall Street or the options markets.
By this I mean a picture of his dog or a meme of a dog on the moon doesn’t in any way improve Shiba Inu’s use case or make its network more efficient.
Thus, when Musk is posting photos of his dog of alluding to a Shiba Inu dog going to the moon, there is no tangible connection to Shiba Inu.
Earlier this year, he announced that Tesla would hold Bitcoin on its balance sheet and accept Bitcoin as payment for new vehicles.