Shiba Inu (SHIB) and Dogecoin (DOGE) have both experienced remarkable price surges driven by various factors. While Dogecoin's growth has been significantly influenced by Elon Musk's endorsements, Shiba Inu's rise has been largely fueled by its community and market hype. This raises an intriguing question: What could happen if Elon Musk were to promote SHIB similarly to how he supported DOGE?

Dogecoin's Historical Surge with Elon Musk's Support

Elon Musk's first mention of "DOGE" on July 18, 2020, led to a 24% price increase the following day. Subsequent tweets continued to boost DOGE's value, culminating in a significant rally in early 2021. From February to May 2021, Dogecoin's price soared from $0.0311 to an all-time high of $0.7376, marking a 2,271% increase in just three months. Overall, DOGE experienced a staggering 24,235% rise within a year of Musk's initial endorsement.

Speculating SHIB's Potential with Musk's Endorsement

Applying a similar 24,235% increase to SHIB's current price of $0.00001322 would theoretically elevate it to approximately $0.003217. This would effectively eliminate two zeros from its price, mirroring DOGE's performance during Musk's promotion. However, it's important to note that Elon Musk has previously stated he does not own SHIB tokens and has shown a strong preference for Dogecoin.

SHIB's Independent Growth and Community Support

Despite the lack of direct endorsement from Musk, Shiba Inu has demonstrated impressive growth, particularly during the 2020/2021 period. The token's price surged from its launch to a peak of $0.00008845 in October 2021, driven by community engagement and market dynamics. This indicates that SHIB has the potential to achieve significant milestones through its own ecosystem developments and community support.

Conclusion

While the prospect of Elon Musk endorsing Shiba Inu remains speculative, the potential impact on SHIB's price could be substantial, as evidenced by Dogecoin's historical performance. Nevertheless, SHIB's past growth demonstrates its capability to thrive independently, emphasizing the importance of community involvement and project fundamentals.

Disclaimer

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk and volatility. Always conduct your own research (DYOR) and consult with a licensed financial advisor before making any investment decisions.