Four reasons Shiba Inu is on fire
Named after the Japanese dog breed that inspired this meme coin, Shiba Inu has returned more than 5,350,000% since it debuted on Aug. 1, 2020. SHIB's incredible success is the result of four factors.
First, Shiba Inu has found its way onto a number of popular cryptocurrency exchanges in 2021. Investors having access to buy SHIB is the first step to potentially increasing adoption.
Second, like Dogecoin, Shiba Inu is taking its bullish cues from Tesla Motors CEO Elon Musk. Musk recently adopted a Shiba Inu-breed dog named Floki and has been tweeting positively about Dogecoin and the Shiba Inu breed for months. Anytime a tweet remotely links to Shiba Inu dogs from Musk, buyers take their cue to pile into SHIB.
The third catalyst for the company was the launch of ShibaSwap in July 2021. ShibaSwap is a decentralized exchange that allows investors to stake their SHIB in order to earn interest. Although staking is nothing new in the crypto space, the ability to generate returns via staking should encourage SHIB owners to hang onto their tokens for a longer amount of time.
Fourth and finally, momentum is working in Shiba Inu's favor. When an asset rises more than 5 million percent in less than 15 months, you can bet that investors are going to pile in for fear of missing out (FOMO).
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