Finder makes money from featured partners, but editorial opinions are our own.

Shiba Inu price on the rise again – is Elon Musk to thank?


As cryptocurrency prices trend upwards, Shiba Inu (SHIB) has recorded gains of over 140% in the past week.

  • The cryptocurrency market as a whole has rebounded from a bearish September, with popular cryptocurrencies Bitcoin, Ethereum, Ripple and Solana all posting 20% gains over the last 7 days.
  • Since Dogecoin exploded in early 2021 to be valued at over 75 cents, new "meme" coins focussed on the popular Shiba Inu dog have been regularly minted.
  • Speculation surrounds Shiba Inu being listed on investment platform Robinhood in the coming weeks.

The enigma of cryptocurrency

It is a strange market that reacts so forcefully to the words of one individual, yet that is the relationship that Elon Musk and cryptocurrency share.

In May, Musk managed to single-handedly crash the price of Bitcoin by tweeting that Tesla would no longer accept Bitcoin as a form of payment, due to growing environmental concerns. The result of this tweet was an immediate 15.6% plunge.

However, Musk's presence also works in reverse. On 4 October, Musk posted an image to Twitter of a Shiba Inu dog basking inside a Tesla vehicle. The picture was accompanied by the rather ambiguous caption "Floki Frunkpuppy".

What seems to be a fairly innocuous tweet may have actually played a major role in the Shiba Inu cryptocurrency's 100% price rise so far in October.

How to buy Shiba Inu

The Robinhood rumours

Robinhood is one of the most popular platforms for buying and selling cryptocurrency, with the company reporting an active user base of 22.5 million in 2021. Given the high profile of the investment app and its large user base, the addition of new cryptocurrencies can result in their price rising.

Rumours are floating around that Robinhood plans to add Shiba Inu to its list of available assets in the coming months. This speculation is largely fuelled by Robinhood's new crypto wallet feature and continued reference to the coin in dealings with the public.

A petition imploring Robinhood to start accepting the purchase and sale of Shiba Inu coins was created earlier in the year. It has since exploded over the past 24 hours, acquiring over 200,000 signatures.

shiba inu support

Coin development

Dogecoin started off as a "joke" coin, and Shiba Inu was minted as a spin-off of Dogecoin. In that sense, it's a joke of a joke.

In spite of its origins as a meme, the Shiba Inu development team plan to legitimise the currency and add a number of features.

The team has been working on a decentralised exchanged (DEX), ShibaSwap, that allows coin holders to use their Shiba for a number of purposes. This includes staking, providing liquidity and swapping SHIBA coins with a huge range of altcoins.

The developers are also jumping on the growing NFT bandwagon, with a platform for buying, selling and trading 10,000 unique NFTs known as "Shiboshis" under construction.

1 - 5 of 15
Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer Link
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID, Apple Pay, Google Pay, SWIFT


Capital at risk

View details
Finder AwardExclusive
Bank transfer, BPAY, Cash, Credit card, Cryptocurrency, Debit card, POLi, PayID


Get $20 in BTC when you make a deposit. T&Cs apply.

Capital at risk

View details
Block Earner
Bank transfer, Cryptocurrency, PayID


Get $25 free crypto on first traded token with no min limits. T&Cs apply.

Capital at risk

View details
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID


Get $20 in BTC when you verify your account. T&Cs apply.

Capital at risk

View details
Finder Award
Binance Australia
Credit card, Cryptocurrency, Debit card, Simplex, Banxa, Apple Pay, Google Pay


Earn up to US$100 in rewards by completing welcome tasks within 7 days of signup. T&Cs apply.

Capital at risk

View details
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Get started with crypto

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site