SHIBA INU Fly High after Elon Musk's Cryptic Endorsement

Shiba Inu (SHIB) gained ground on Friday as traders assessed its inclusion on Coinbase, one of the world's leading cryptocurrency exchanges.

For the first time since June 29, 2021, the SHIB/USDT exchange rate increased by 16.42 percent to $0.00000950. The latest upward movement was part of a larger bullish trend that began on Thursday when SHIB gained more than 26 percent. As a result, the token's returns increased by more than 40% in just

Two days of trading. Gains for SHIB began to emerge after Tesla CEO Elon Musk tweeted about the arrival of a new Shiba Inu puppy named Floki.

                         

 

The announcement, which came on Monday, was followed by a modest 2.62 percent increase in SHIB/USDT rates the following session, demonstrating Musk's continued influence over a family of dog-themed tokens that includes Dogecoin (DOGE), BabyDoge, and Floki Inu.

Shiba Inu's rally also received a boost from another source.

SHIB/USD rates were already rising after the token was added to the US-based digital asset trading platform Coinbase Pro earlier this month. On Thursday, the pair rose further after Coinbase announced that it would add SHIB support to its platform.

The path to recovery

SHIB is an Ethereum-powered cryptocurrency that tries to imitate Dogecoin, a meme cryptocurrency. Musk's cryptic endorsements of the joke cryptocurrencies propelled the Shiba Inu token to prominence. As a result, SHIB now has the 46th largest market capitalization of $3.31 billion. 

Shiba Inu's bright prospects are based on adoption rather than utility. Traders purchase SHIB in the hope that more like them will join the pack and grow the community, as in the case of Dogecoin. Shiba Inu's popularity has prompted the company to launch ShibaSwap, a dedicated decentralized exchange.