Shiba Inu (SHIB) Could Cancel Two Zeros If Elon Musk Promotes It Like Dogecoin (DOGE), Historical Data Shows

Elon Musk has been a big supporter of Dogecoin (DOGE) and his mentions of the token on Twitter have been known to influence its price. In 2020, when he first mentioned DOGE in response to a question about Bitcoin, Dogecoin surged by 24% in a single day. At the time, Shiba Inu (SHIB) had yet to be launched.

Later that year, as DOGE was testing the $0.0024 level, Musk tagged Dogecoin again in another tweet, which helped to push the token even higher. By the end of the month, Dogecoin had risen to $0.0038, and the uptrend continued into the following month, with DOGE breaking past the $0.004 level.

On December 20, 2020, Musk made a more pronounced statement by tweeting “One word: DOGE” in a standalone post, which had a greater impact. From $0.0038 the previous day, Dogecoin surged to $0.0054—a 55.4% gain in a single day.

From that point forward, Dogecoin experienced a consistent uptrend, and it reached the $0.01 region in January 2021 as the crypto community took more 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 bull run. Musk’s promotion of DOGE increased that month with multiple tweets.

Dogecoin was trading at $0.0311 in February 2021 and it hit an all-time high of $0.7376 by May of that year, which represents a 2,271% increase in just three months. To put that into perspective, the Tesla Shop began accepting DOGE payments 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.

Now, let’s consider what might happen if Elon decides to promote Shiba Inu.

What If Elon Musk Promotes Shiba Inu?

The idea of Elon Musk promoting Shiba Inu is far-fetched and unlikely. Throughout his cryptocurrency journey, Musk has shown a stronger preference for Dogecoin over other crypto assets.

However, suppose Musk begins mentioning SHIB with the same frequency and enthusiasm that he mentions DOGE. In that case, Shiba Inu might experience significant price surges, just like Dogecoin did.

Shiba Inu could benefit from any promotion from Musk due to the existing interest in the asset. It is one of the most popular meme coins and it is known for its strong community.

If we apply a 24,235% increase to SHIB’s current price of $0.00001322, we arrive at an approximate price of $0.003217. In essence, this would eliminate two zeros for SHIB’s price, just as Dogecoin experienced substantial price gains due to Musk’s influence.

At the time of writing, Shiba Inu is trading at $0.00001322, which places it in the midst of a price rally.

However, the prospect of Musk promoting SHIB is purely speculative and, as mentioned earlier, it is unlikely. Despite the lack of promotion from the billionaire, Shiba Inu has benefited from his support of Dogecoin.

During the 2020/2021 cycle, Dogecoin experienced fantastic price performance, which was largely attributed to its historic endorsement by Elon Musk at the time.

However, another cryptocurrency that reportedly performed exceptionally well during that cycle is Shiba Inu, which some consider the best-performing crypto asset.

Shiba Inu experienced an astounding 150,000,000% price increase. To elaborate further, when the price of Bitcoin reached its peak in March 2013, it experienced an increment of 13,000% from its low point in 2011.

Shiba Inu’s Monumental Rise

Shiba Inu’s journey began in August 2020 with an initial coin offering (ICO) price of $0.000000001. By January 2021, the token’s price had surged to $0.0000008, marking a remarkable 80,000,000% increase from its ICO price.

This exponential growth can be attributed to the strong support from the Shiba Inu community and the hype surrounding the token.

At the time, community members actively promoted Shiba Inu on social media, and they also engaged in fundraising