As we all know, Musk often issued remarks on cryptocurrencies on social media, including Doge and Shiba Inu coins. He once published some tweets about Shib, and had speculated that Shib might rise to one dollar? The cryptocurrency market fluctuates, and price changes are affected by many factors, including market demand, supply and the emotions of the entire market. So, is Musk speculated that it is true that Shib may rise to one dollar? What does Musk have to do with Shib?

What is Shiba Inu?

Shiba Inu is a coin inspired by dog coins. Like its popular competitors, Shiba Inu cryptocurrency also uses popular Shiba Inu breeds in its brand. Unlike the dog coin with its own blockchain, Shiba Inu is issued as an ERC-20s to the Ethereum blockchain.

The Shiba Inu (Shib) tokens was founded by an anonymous person named "Ryoshi" in August 2020. Another important person in the Shiba Inu project is "Shytoshi Kusama", who is leading the development of the project.

Musk said that Shib can rise to one dollar?

At present, Shiba Inu is still the second largest among dog theme coins, with a market value of $ 6.9 billion, while the market value of top dog coins is US $ 10.82 billion.

While SHIB's historical high, Elon Musk and Twitter CEO Jack Dorsey live broadcast on YouTube. In the discussion, Musk said he expects Shiba Inu to reach $ 1.20 at the end of October.

Can Shiba Inu keep momentum?

One of the biggest problems of Shib is its development momentum. But from a technical point of view, Shiba Inu's rapid rise and fall are related to its high transaction volume. Whenever Shib hit a record high, the bulls will fall into the selling frenzy. Shib does not seem to have the confidence of HODL (HOLD on for Dear Life), which is long in the market, which is why its price fluctuates sharply in the short term.

Elon Musk's idea of reaching $ 1.20 in Shiba Inu in the future seems to be a bit far -fetched, but it does support all technical indicators. Moincoin currently has the largest circulation in the industry, close to 395 trillion.

Will Shiba inu rose to $ 1?

The fact is that no one can determine when Shiba Inu coins will reach $ 1. This is a cryptocurrency that has increased by 1,294,881.3% since its launch. In 2020, no one would expect that $ 100 investment in Shiban (SHIB) would become millions of dollars after a year. If Shiba Inu takes similar measures in 2022, it will easily trade at a price of $ 1 by 2023.

However, taking a more conservative method for SHIB's prices, it seems that in 2030, it can be traded at a price of $ 1. The assumption here is that Shib has maintained several thousand percentage points in each bull market cycle.

2023 -A possible correction

Shiba Inu is one of the cryptocurrencies that may erupt in 2023. Don't forget that SHIB's price trend has a lot to do with the performance of a wider encryption market.

This assumption has a solid historical foundation. One year before Bitcoin halved, the market was usually dull. This is usually the time for long -term investors to accumulate, while those investors who make a profit in the previous rebound need to make a profit. The next bit of Bitcoin is set to be held in 2024. The fatigue of the bull market may lead to the market sideways in 2023.

What is the relationship between Elon Musk and Shiba Inu?

Elon Musk did not seem to participate in the Shiba Inu project in any way. According to him, the only cryptocurrency he owned was BTC, ETH, and Doge. He had made it clear that he did not have any Shib tokens.

Of course, this is unlikely to calm the guessing about connection between Shiba Inu and Elon Musk. Rumors and guessing play a vital role in the cryptocurrency market, especially when it involves SHIB and other models.

The above content introduces Musk's predictions on Shib to one dollar. From the perspective of public opinion, Musk has nothing to do with Shib. Musk also said that he did not hold Shib. Investors need to pay attention to that the cryptocurrency market often has high volatility and risk. Investors should do their own research and invest cautiously.