Tycoon Elon Musk doesn’t just like Shiba Inu dogs. The owner of Tesla and SpaceX, among other companies, has several pets and one of them is Shrub, a hedgehog.
As it could not be otherwise, after the existence of Shrub became known, there were those who rushed to “tokenize” its existence in cryptocurrency networks.
Although it has a recent version in Solana, It is in Ethereum where lives the main memecoin that honors ShrubElon Musk’s hedgehog.
As can be seen in the following image, which is a screenshot of the portal CoinMarketCapalthough the Shrub token (SHRUB) has been around since July, It was in November when its price skyrocketed.
In the last 30 days, SHRUB is up nearly 150,000%. At the time of this publication, each SHRUB is trading at $0.074. SHRUB’s market capitalization is $70 million, placing it at number 556 in the ranking. Although it is on a few centralized exchanges, the largest trading volume of SHRUB is on Uniswap.
The community of this memecoin is very active on social networks, mainly in the official Telegram group and on X. There, several users make mostly bullish analyzes about the token.
For example, someone who identifies as “Wizzy” writes that the SHRUB chart “looks good” and that – in his opinion – a rounded bottom is forming (which is a bullish pattern).
Another
Given these bullish predictions, it is worth keeping in mind that, as mentioned above, SHRUB has already had a huge rise in the last month. Therefore, it is to be expected that investors who came in early stages are taking profits. New investors are turning into liquidity exit (that does not mean that SHRUB cannot have new price increases in the future).
Why has the price of SHRUB, Elon Musk’s hedgehog, risen in November?
The main reason for the rise of SHRUB is that Elon Musk wrote in X about his pet on November 3:
The investor who identifies himself in X as CryptoPaul (Noodles) think that “it’s only a matter of time before Elon announces Shrub as the CEO of Tesla or SpaceX, like he did with Floki.”
Furthermore, this person points out the fact that the influencer known as cobie (who has more than 10 years of experience in cryptocurrencies and has made million-dollar profits), “bought SHRUB with his public wallet.” According to CriptoPaul, that is the best reason to invest in SHRUB.
Shrub, just one more animal in the memecoin casino
Despite the enthusiasm around tokens like SHRUB, it is important to remember that memecoins are, for the most part, highly speculative assets.
These tokens lack solid fundamentals and their value depends almost exclusively on the interest generated on social networks and online communities. Such is the case of SHRUB, whose recent rise seems to be driven by mentions from Elon Musk and the endorsement of some influencers. However, these reasons are not enough to ensure long-term price sustainability.
Historically, the vast majority of memecoin investors end up losing money. Keep in mind that the initial phases of big rallies tend to benefit only early buyers, while late-stage entrants often become the “exit liquidity” for those looking to take profits. This pattern is frequently repeated in low-cap memecoins, which do not have strong underlying projects or clear use cases.
Furthermore, it is essential to understand that these currencies depend on ephemeral and viral trends. Mentions by influential people, the emergence of patterns in technical analysis or simple FOMO (fear of being left out) of investors are the forces that really drive the price, not an intrinsic value or a specific utility. For this reason, memecoins typically have short life cycles, with initial bursts followed by abrupt declines.
Of course, some memecoins have managed to stay relevant in the long term – such as Dogecoin or Shiba Inu – but these cases are the exception and not the rule. Most memecoins disappear as quickly as they appear. Therefore, it is important to approach this market with caution and not get carried away by the euphoria of the moment. Let us remember that success in investments does not depend on going with the flow, but on making informed and strategic decisions.
Clarification: This article is written for informational purposes. It does not constitute an investment recommendation or financial advice. Each investor is responsible for conducting his or her own research.
