Elon Musk's involvement with Dogecoin has been a subject of interest, especially during the 2020/2021 crypto winter.

Elon Musk's involvement with Dogecoin has been a subject of interest, especially during the 2020/2021 crypto winter.

Some even consider Shiba Inu to be the best performing crypto asset in 2020/2021, as it experienced an incredible price increase of up to 150,000,000%.

Dogecoin also recorded fantastic price movements during that cycle.

Unlike DOGE, Shiba Inu’s significant growth was fueled more by community support and market hype.

With Dogecoin getting a big boost from the richest man in the world, the question now arises: how would SHIB perform if it received a similar promotion from Elon Musk as DOGE has received?

Dogecoin’s Historical Price Movement Amid Elon Musk’s Promotion

Elon Musk first mentioned “DOGE” in a tweet on July 18, 2020. At the time, he was replying to a follower’s question regarding Bitcoin with the answer, “I only sell DOGE.”

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On that day, the Dogecoin price was $0.003031 and jumped 24% to $0.003753 the next day after the tweet. At the time, the Shiba Inu hadn’t even been invented.

A few months later, the DOGE price had dropped to $0.002400. However, Musk mentioned DOGE again in his tweet on November 17, 2020. The Dogecoin price rose from $0.002886 on that day to $0.003800 before the end of the month. This rise continued into the following month, with DOGE managing to break the $0.0040 level.

On December 20, 2020, Musk made a more striking statement by tweeting, “One word: DOGE,” in a standalone post, rather than as a reply. This tweet had an even greater impact, driving the Dogecoin price from $0.0038 to $0.0054 the next day, a 55.4% increase in just one day.

Since then, Dogecoin has experienced a consistent upward trend, reaching the $0.01 region in January 2021 as the crypto community’s attention to Elon Musk’s promotion increased.

An even bigger boost came on February 4, 2021 when Musk posted a “moonshot” themed image with the caption “DOGE.” This marked the beginning of Dogecoin’s historical rally.

Throughout the month, Musk heavily promoted DOGE through various tweets.

DOGE rises 24,235% thanks to Elon Musk’s support

Dogecoin jumped from $0.0311 in February 2021 to its all-time high of $0.7376 in May of the same year-a 2,271% increase in just three months. Interestingly, during this period, Tesla Stores began accepting DOGE as payment.

If calculated from the price of $0.003031 when it was first mentioned by Elon Musk to its peak, DOGE experienced an incredible surge of 24,235% in just one year.

What If Elon Musk Starts Promoting Shiba Inu Like He Promotes DOGE?

A speculative question arises: what if Elon Musk promotes Shiba Inu like he once promoted Dogecoin?

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Although it is still speculation and uncertainty, we can estimate the potential impact if SHIB experiences similar growth to DOGE which rose 24.235%.

Applying the 24.235% increase to SHIB’s current price of $0.00001322, its theoretical price would be around $0.003217. This means two zeros would be “erased,” similar to what happened to Dogecoin thanks to Musk’s influence.

However, the chances of Elon Musk promoting SHIB directly are slim and speculative. Musk has so far shown a strong preference for Dogecoin over other cryptocurrencies.

Even so, Shiba Inu likely benefited indirectly from Elon’s promotion of DOGE in 2020/2021. While Dogecoin began to show an increase in price and attention from July 2020, Shiba Inu also began to show significant spikes from January 2021.

SHIB’s momentum continued until October 2021 when it reached a price peak at $0.008845. When looking at the performance from its lowest price to its highest during the season, SHIB could even