Many types of cryptocurrencies have managed to come and go over the years. Some were there just to capitalize off the fame of crypto but realized that it was too hard to manage. So most of these companies just turned over and ran back, as they realized that the market was just too difficult to handle.
However, one cryptocurrency managed to stand the test of time, as it continued to live on throughout the crypto space. Despite starting out as a parody of the entire market, it was able to become one of the biggest cryptocurrencies in the current marketplace. In fact, it was also one of the top five cryptocurrencies in the market at one point. And through its incredible success over the years, it was able to inspire a multitude of copies and imitators. So even though most of these cryptocurrencies turned out to be scams or just bad investments, Shiba Inu was just different.
Shiba Inu started its life as a simple Dogecoin copy; it was able to make a name for itself thanks to the odd recommendation by Elon Musk. The richest man on earth has a reputation of flipping markets on their heads with his recommendations. He used his influence to flip the market in favor of Dogecoin many times, and even used it to help Bitcoin start soaring again.
However, despite seeing a massive increase in price in a matter of a few weeks, the meme-inspired cryptocurrency eventually saw its first major decline. During this time, people were able to make a killing off the crypto, but started to abandon it as they started to see Dogecoin back in the top charts. Therefore, many people thought that this was the end for Shiba Inu and that it had reached the end of its expected lifespan.
But despite what people were expecting, the contrary happened. Today, the Dogecoin-inspired cryptocurrency managed to rise by an additional 13%. While it is certainly not the same as earlier highs of over 200%, it is still a good place to start. Over the day, the total price was able to rise by a total of 4, which was incredibly impressive considering the fact that most that most people had given up on it.
What is even more interesting is that this current rise is coming at a time when other more popular cryptocurrencies are starting to cool off. This pattern shows that investors are looking to rotate in and out of the more speculative cryptocurrencies in order to keep their investments at an all time high. Therefore, it is safe to assume that the meme token will be rising fairly soon.