SHIBA Inu continues to rally, which began following a tweet by Elon Musk.
The cryptocurrency has surged 20% over the past 24 hours, trading at $0.00003085 at the time of writing, according to Coinbase.
Mr Musk, the billionaire entrepreneur behind Tesla has a Shibu Inu puppy and posted a picture of it on the social media site.
But what does the future has in store for the dog meme cryptocurrency?
The Sun spoke to experts to find out what lies ahead – and what the cryptocurrency could be worth in 2022.
Shibu Inu is a cryptocurrency token that allows users to hold trillions of them.
Tokens of Shiba Inu feature the same dog as Dogecoin, which has been a become one of the most popular cryptocurrencies this year.
Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed.
Cryptocurrencies are especially volatile, so their values can crash with little to no notice.
In other words, it’s important to not put in more cash than you can afford to lose and to never invest in something you don’t understand.
Newer cryptocurrencies are also riskier than those that have been around for longer, such as Bitcoin, and make you more open to scams.
For Shiba in particular, there’s has been a fair share of volatility despite the recent surge.
For example, the token hit its highest ever level at $0.00003641 on May 11 – but struck bearish trends up until recently.
Now it is climbing its way back up to its all-time high.
It’s difficult to predict how Shiba Inu’s price will change in future due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, comments by high profile individuals such as Musk, and other developments.
In May, the value of Shiba Inu soared after Binance announced it would list the coins on the crypto platform.
Its value also rose in September, after it began trading on Coinbase.
It means the price could rise once again if it’s successful in listing on other recognized platforms such as eToro.
However, as we’ve seen in recent months, cryptocurrencies are highly volatile and their values can change in the blink of an eye.
Myron Jobson, personal finance campaigner of Interactive Investor, previously told The Sun: “It is difficult to predict the price of a something that has an intrinsic value of zero.
“All it takes is a tweet from high-profile individuals who have significant influence on sentiment to cryptos to drive up demand.
“But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu.”
Simon Peters, cryptoasset analyst at eToro, added: “As to… Brinkwire Brief News.