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Powerful Shiba Inu boost massively as Elon Musk, Coinbase strengthens meme coin’s rally

Shiba Inu
Shiba Inu

Shiba Inu boost massively

The price of Shiba Inu (SHIB) boosted for the week as investors analyzed its inclusion on Coinbase, the world’s most valuable crypto exchange. We have seen a 22% increase in the token’s price.

For the first time since June 29, 2021, the meme coin exchange rate increased by 16% to $0.00000950.

Recently, the meme coin SHIB has been rolling uphill in a bullish trend that began Thursday amid strong buying pressures while Bitcoin struggled to stay afloat the $48k price levels.

About ShIB

Shiba Inu is an Ethereum-based cryptocurrency that mimics Dogecoin, a meme cryptocurrency. Elon Musk’s cryptic endorsements of the Shiba Inu token boosted the token’s popularity.

Reason behind SHIB boost

Elon Musk, the world’s most influential billionaire in the crypto world, earlier tweeted about the arrival of a new Shiba Inu puppy called Floki, which boosted Shiba Inu.

The announcement awaken a slight boost in the fast-rising crypto, further continuing Musk’s influence on tokens featuring dogs, such as Dogecoin (DOGE), BabyDoge and Floki Inu.

Shiba Inu’s future success hinges on adoption, not utility. In the same way that Dogecoin grew its community by attracting thousands of traders, SHIB aims to grow its community by attracting hundreds of traders. This technique has led Shiba Inu to launch its own decentralized exchange, ShibaSwap, based on its popularity.

To boost investment demand for SHIB, ShibaSwap burned about $25,000 worth of tokens in mid-August, nairametric revealed.

Half of the token’s supply was gifted to Ethereum co-founder Vitalik Buterin. In the end, he donated much of the money (about $6.7 billion) to a COVID-19 charity in India after burning some of it to a dead wallet.

Meanwhile, Flamengo, a top Brazilian football club known to be champion of the Brasileiro Série A, has partnered with Chiliz, which is one of the leading blockchain providers for the sports and entertainment industry, to launch the $MENGO Fan Token on the fan engagement app, Socios.com.

Coming after an official invitation sent to Flamengo’s governing council, it was disclosed that they were scheduling to launch the Fan Token.

Flamengo will however become the third Brazilian football club team after Atlético Mineiro and Corinthians, to join the crypto club as a result of the council’s approval of the deal.

 

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