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 Promotion
Elon 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. Dogecoin’s 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 Elon’s 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 Dogecoin’s historic rally. Musk’s promotion of DOGE intensified that month with multiple tweets.
Elon Musk mentions Dogecoin
DOGE Gained 24,235% Amid Musk’s Support
Dogecoin surged from $0.0311 in February 2021 to an all-time high of $0.7376 by May that year, a 2,271% increase in just three months. Notably, the Tesla Shop began accepting DOGE as payment during this period.
Considering DOGE’s price of $0.003031 at the time of Musk’s first mention to its peak, it experienced a staggering 24,235% increase, all within a single year.
What if Elon Musk Starts Promoting Shiba Inu Like He Did DOGE?
This leads to a speculative question: What if Elon Musk promotes Shiba Inu like he did Dogecoin? While this remains speculative and uncertain, we can estimate the potential outcome if SHIB were to experience comparable growth to DOGE’s 24,235%.
Applying a 24,235% increase to SHIB’s current price of $0.00001322 would result in a price of approximately $0.003217. This effectively eliminates two zeros for SHIB’s price, just as Dogecoin did due to Musk’s influence.
However, the idea of Musk promoting SHIB is purely speculative and unlikely. Musk has shown a stronger preference for Dogecoin over other crypto assets.
Moreover, Shiba Inu may have indirectly benefited from Musk’s promotion of DOGE in 2020/2021. While Dogecoin soared from July 2020 to May 2021, Shiba Inu also saw significant growth starting in January 2021.
SHIB’s momentum extended until October 2021, when it reached its peak of $0.00008845. Considering its low-to-peak performance that season, SHIB arguably even outperformed DOGE during that period.
