Heres How High Shiba Inu Could Rise if Elon Musk Starts Promoting SHIB Like Dogecoin
Shiba Inu could cancel two zeros if Elon Musk promotes it like Dogecoin, based on historical data on DOGE performance.Shiba Inu and Dogecoin have a rich history of extraordinary price surges due to various factors that supported their movement. Meanwhile, some consider Shiba Inu the best-performing crypto asset of 2020/2021, as it experienced an astounding 150,000,000% price increase.Dogecoin also saw fantastic price movement during that cycle. Notably, its performance was mainly attributed to its historic endorsement from Elon Musk at the time. Unlike DOGE, Shiba Inu's impressive growth was primarily due to community support and market hype.With Dogecoin having benefited from the support of the richest man in the world, questions now arise as to how SHIB might perform if it received similar promotion from Elon Musk as DOGE did.Dogecoin Historic Price Movements Amid Elon Musk's PromotionElon Musk first mentioned "DOGE" in a tweet on July 18, 2020. It was in response to a follower's query about Bitcoin, to which Musk replied, "I only sell DOGE." On that day, Dogecoin was trading at $0.003031 and surged 24% to $0.003753 the next day following the mention. At the time, Shiba Inu had not yet been created.DOGE later dipped to $0.002400 in the following months. However, Musk mentioned DOGE again in a tweet on November 17, 2020. Dogecoins price rose from $0.002886 that day to $0.003800 before the end of the month. The surge continued into the following month, with DOGE breaking past the $0.0040 level.On December 20, 2020, Musk made a more pronounced statement by tweeting, One word: DOGE, in a standalone post, not as a reply. This tweet had a greater impact, pushing Dogecoin from $0.0038 to $0.0054 the next day, a 55.4% gain in a single day. From that point forward, Dogecoin experienced a consistent uptrend, reaching the $0.01 region in January 2021 as the crypto community increasingly took notice of Elons promotion.A more significant boost occurred on February 4, 2021, when Musk posted an image depicting a moonshot with the caption DOGE. This marked the beginning of Dogecoins historic rally. Musks promotion of DOGE intensified that month with multiple tweets.
Text source: The Crypto Basic
