TESLA To Accept Shiba Inu Coin and Why SHIB will hit $0.01 | eToro update - The Comprehensive Minds

TESLA To Accept Shiba Inu Coin and Why SHIB will hit $0.01 | eToro update

TESLA To Accept Shiba Inu

Investing experts suggest that the SHIB coin may rebound. Still, it might not be a good investment. Shiba Inu investors are crossing their fingers and paws in the belief that they will get good news that could bolster the sluggish price of the meme coin

In Today’s article, we will discuss: What Elon musk Recently said About Shiba Inu ?, WHY SHIBA ACTUALLY HAVE POTENTIAL to hit $0.01 These questions will be answered today and we will also discuss etoro involvement with the Shiba Inu coin. 

Online brokerage eToro recently published that it is adding a wave of new crypto assets to its platform, which has set off a frenzy of consideration on social media. shib was trading in the red with the broader cryptocurrency market and was down by a double-digit percentage, though it has since trimmed its declines to a 7% in the last 24-hour period. 

To be clear, eToro has not weighed in on the specific crypto assets in the pipeline, only to say that it is joining a new batch of coins. The company also urged its followers for guesses, in response to which they got more than 7,000 replies. 

The Shiba Inu crowd took that as an invitation, perhaps assuming that their expectation will become a self-fulfilling prophecy, having been added to a trading platform like eToro would increase the shib coin’s liquidity and increase its profile. 

In addition to crypto-assets, eToro also supports stocks, which extends its reach. eToro already supports approximately two dozen crypto assets, including meme coin Dogecoin, whose mascot Doge accepted as the motivation for the Shiba Inu cryptocurrency. 

The two meme coins have since become rivals, as Shiba Inu envisions itself as the “Doge Killer”. When eToro stated its support for DOGE, it said to investors, “You barked, and we heard you. However, Shiba Inu’s greatest rival, Dogecoin, I also under pressure today. 

Billionaire tech entrepreneur Mark Cuban is a fan of DOGE, which is taken as a payment method for the NBA team he owns, the Dallas Mavericks. Cuban previously considered that the Dogecoin price would surely hit USD 1 if the team could trade 6,556,000,000 DOGE in team merchandise. Shiba Inu elder meme coin, Doge is currently selling at about USD 0.22. 

He, reportedly thinks DOGE can be a good investment but urges investors to “know why” they’re investing rather than just “getting lost in the hype.” Not to be outdone, Shiba Inu investors, similarly have an ambitious aim of USD 1 on their favorite cryptocurrency, which is currently selling for less than a penny. 

They are further considering that shib will eventually make its way onto popular cryptocurrency exchange Coinbase, though at this point, that is all it is pure speculation. And all the speculation in the world is doing nothing to boost the shib price out of the doldrums. As fate would have it, the eToro team settled on three other crypto assets to add to their platform, leaving Shiba Inu investors kicking their heels for now. 

Not surprisingly, the Shiba Inu community was baffled. Some threatened to unfollow the account on Twitter, while others went so far as to say they would leave the platform entirely. Others still considered a more philosophical approach, splitting hairs and saying that eToro agreed to list “coins” and not “tokens,” while Shiba Inu falls into the latter camp. 

The Shiba Inu cryptocurrency has had an up-and-down month recently. The coin increased after Coinbase announced it would join the Shiba Inu coin to Coinbase Pro. Coinbase added shib a little more than a month after that coin’s creation, in marked contrast to its addition of Dogecoin, which appeared to take DOGE years, But the hype over Shib coin may have died down, and the currency may have touched its peak already. 

When a coin seems in the emerging trends list, especially in the top 3, it’s often a sign of a price top. Because it symbolizes a peak social hype, the price can hardly sustain its rally without increasing hype or social volume. Will Shib coin rise again?. The Shiba Inu coin will likely rebound shortly. 

The rise might be adequate to surpass Dogecoin. Since its origins, the Shib coin has been deemed a “Dogecoin killer.” Both currencies use a Shiba Inu dog as their mascot, making them instant rivals in the crypto world. While Shiba Inu might be a fun, albeit highly risky, bet for some, it just isn’t just fun. Their focus is on discovering innovative, life-changing blockchains Cryptos with far less risk but equal opportunity for gains. 

Also Read: Shiba Inu coin announced plan to burn until it reaches $0.01

So, while some people seek a low-effort moonshot with meme crypto like this, they are busy poring over research being done by crypto groups and companies, unearthing the ultimate, most asymmetric bets. In addition, the recent rise of Dogecoin and its buzzy crypto cousin, Shiba Inu coin, which also uses its namesake breed as a mascot, have made Shiba Inu dogs a hot commodity. 

Fans of digital currencies, along with people with a nose for trends, are snapping up Shiba Inu puppies, generating a boom for the teddy bear-ish dogs that match the soaring cryptocurrency market. 

Elon Musk has been conspicuously silent about Dogecoin in recent weeks, tweeting his support for a transition to its fee structure but otherwise avoiding any notice of the cryptocurrency on his feed. Shiba Inu-themed coin originated in 2013 as a joke but rocketed to fame this year by the Tesla CEO has crashed more complexly and faster than most of its peers, losing 74% of its value since hitting an all-time high on May 8. 

Nevertheless, support for the joke coin remains robust, with members of the self-professed “Doge Army” noting on social media that it is still the eighth largest cryptocurrency by market cap. Moreover, altcoins are generally viewed as more volatile than bitcoin, experiencing steeper price swings to both the upside and the downside. 

But Musk’s objection to rally the troops as many of whom were introduced to Dogecoin, betrays a grudging acceptance that the eight-year-old joke is, well, getting old. Critics of the cryptocurrency have long contended that it requires utility and has no possibility of mainstream adoption and not just because it’s a meme. 

In a surprising move, Shiba Inu developers sent Vitalik Buterin, founder of Ethereum blockchain, half of their reserved tokens in hopes that he would keep them, giving the coin more exposure and decreasing its volatility. However, Buterin donated 90% of the sent Shiba tokens to an Indian Covid-19 relief fund. This movement took 40% of Shiba tokens out of circulation. After this, the coin’s price fell to 35%. 

Soon after, Buterin declared that he plans to donate the remaining 10% to charity organizations. On the other hand, the rise of the Shiba coin is essentially referring to the popularity of its rival, Dogecoin, which recently took a hit by its most famous supporter, Elon Musk. Crypto traders and enthusiasts were waiting for Musk to speak about the promising future of Doge in his debut in Saturday Night Live, which he disregarded. 

Instead, they said that Doge is a “hustle” and “created as a joke,” taking down its value 35% in 24 hours. It’s no secret that Musk is an ardent supporter of various cryptocurrencies and even has his own, titled ‘ElonGate, ‘which began a few months ago. The CEO of Tesla even started accepting bitcoin as a form of currency in his company. 

Now he is asking the public if Tesla should receive Dogecoin. Musk ‘The Dogefather’ has now posed this critical question to the public, with a majority at this time voting yes. While he has not verified if he will accept it at his company as a form of payment, it is heavily implied that Dogecoin will be taken as a form of revenue and investment, the same way Bitcoin is. 

However, the issue here is that Dogecoin hasn’t hit that $1 mark, which in the eyes of many investors would set and legitimize the coin as a stable form of currency. Elon Musk has so far massively endorsed the Shiba Inu-themed coin, side-stepping his own, even though it just released. Musk’s previous remarks on Twitter have gotten him in hot water the past for allegedly “manipulating stock prices up.” Still, he hasn’t given any signs of slowing down his plans of taking Dogecoin to the moon and now to Tesla.


In March, he tweeted, “I’m getting a Shiba Inu #resistanceisfutile”, possibly meaning he planned to get a pet. That linked with the surge of Dogecoin has helped improve the value and popularity of the Shiba Inu coin. Shiba advocates say the digital coins’ fame has made their jobs more relevant than ever. 

There is a good possibility that crypto is the future currency of the world. Then the question is, which one is it going to be? It could be multiple.” He added, “that the currency that began as a joke becomes the real currency”. This is not the first time that musk has opened up about his fondness for dogs on the Internet or in general. 

Last year, Twitter users accused Musk of “stealing” a dog’s photo after sharing an image of a dog with the caption “So proud.” It later turned out to be a photo of American stand-up comedian Morgan Murphy. 

So In conclusion, we can expect Shiba Inu to get accepted by tesla as a payment method due to its less gas fees and faster transaction speed as compared to bitcoin and dogecoin.

No comments:

Powered by Blogger.