Musk Supports SHIB, Directly Igniting Market Sentiment and Driving the Bull Market Eruption.
Musk's Influence on SHIB
• Price Surge: Musk posted content related to SHIB on the X platform (formerly Twitter), such as on October 4, 2021, when he shared a photo of his Shiba Inu Floki. A few days later, SHIB's price rose from $0.000007665 on October 3 to $0.00003502 on October 7, an increase of 356%. In 2024, Musk stated that SHIB Ultra is the most reliable hard fork token of SHIB, attracting market attention and stimulating the pre-sale activities of SHIB Ultra.
• Attracting Attention: As a highly influential public figure, Musk's mention or support of SHIB attracted a large number of investors and media attention, allowing more people to learn about SHIB and increasing the cryptocurrency's visibility and market heat.
Complexity of the Cryptocurrency Market
• Market Factors: The cryptocurrency market itself is characterized by high volatility and uncertainty, with prices influenced by various factors such as market supply and demand, macroeconomic conditions, regulatory changes, and investor sentiment. For instance, significant fluctuations in Bitcoin's price and upgrades to the Ethereum network can impact the entire cryptocurrency market, including SHIB's price trend.
• SHIB's Own Factors: As a cryptocurrency, SHIB's own technological development, community building, and expansion of application scenarios also play a crucial role in its value and market performance. For example, the launch and development of SHIB's decentralized exchange Shibaswap, along with active participation and promotion by community members, have to some extent influenced SHIB's market performance.