TL;DR Breakdown
- Shiba Inu price increases by 56% in 24 hours.
- Musk’s tweet, recent SHIB whale, and the new project by the team sparked price increase.
Shiba Inu exploded, increasing the price of the coin by 56% in 24 hours after Elon Musk’s tweet. The coin is currently trading at $0.00001431 and has refused to stop its upward rally.
The trading volume has been crazily up by 700%, at $6.8 billion with a market cap of 1.25. The coin witnessed a high at $0.00001514, after which it decided to take a quick rest.
The Tesla Chief Executive Officer (CEO), Elon Musk, posted a picture on October 4 of the new member of the family, a Shiba Inu puppy. He captioned the picture “Floki Frunkpuppy.” He had shared a post in September welcoming a new member of the family.
The Musk fans in the crypto community went crazy over the SHIB, which brought the volume up by 770% in a single day.
SHIB was doing great along with other coins following Bitcoin’s huge leap from $41,000 to $48,000 on the month’s start. But Musk’s tweet acted as a catalyst in the process.
Other factors that spiked Shiba Inu
Additionally, the Shiba Inu team is working on a project with Tykhe Block Ventures, a crypto hedge fund. Recent news about a whale buying more than $6 trillion also brought the coin to the headlines.
Ishan Arora from Tykhe Block Ventures said that the coin was called a meme coin with no use case. But the made-for-fun token’s team is hustling on several things, such as a decentralized exchange.
Earlier, SHIB was also involved in India’s crypto covid relief, which helped the token collect more fans worldwide.
Shiba Inu brought up several other meme coins such as Husky and Shiba Cash. Husky’s price increased by 140%, while Shiba Cash was up by 75%. Other tokens, including Dogecoin, Pitbull, and Kishu Inu, surged by 15-40%.
Dogecoin is back in its 9th position after a surge in the price by 12%. It is currently trading around $0.2424.
Many experts said that traders should not be too greedy on such one-time events and invest in solid projects, while many gained more than 300% in just four days with Shiba Inu.
