Shiba Inu saw huge growth in India during the festival season

Shiba Inu, a meme coin that was promoted as the 'Dogecoin killer' has stirred up the record last week. The rise was observed for two main reasons, one being that some unconfirmed rumors were spreading rapidly around the cryptocurrency market that is listed on the popular stock trading app, Robinhood. And on the other hand, it's because of Elon Musk, who tweeted a photograph of the Shiba Inu token that was going to the moon. Even though there was so much hype, the Shiba Inu was short-lived.

When Elon Musk posted the photograph, the token was trading about US$0.000026 and the coin gradually started to witness a rise within the next 24 hours to US$0.000044 according to the CoinMarketCap. The current market value of Shiba Inu was higher than that of some Indian companies.

Due to the festival season in India, there is a splurge on gold, both to gift and gift. But the cryptocurrency surge has increased which analysts believe is also a possible result of the new trend among Indian buying cryptocurrency emerging as the market players by storm. More than 400,000 people recently have signed a petition on Change.org asking Robinhood to list Shiba Inu, the canine mascot of Dogecoin, which is itself a parody of Bitcoin.

The other main reason for the surge in the cryptocurrency increased as many Bollywood celebrities started to become promoters of non-fungible tokens or NFTs such as Amitabh Bachchan, Salman Khan, and Manish Malhotra. Further, Shiba Inu decentralized exchange ShibaSwap was also launched in July, facilitating NFT trading.

Nirmal Ranga, Chief Revenue Officer of ZebPay said "The Shiba Inu token system supports innovative and artistic projects like NFT art incubators… all factors which have been driving the token's value and interest among traders".