Another Dump Incoming? Shiba Inu Token Soars on High Volume After Musk Tweets

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The meme coin shiba inu (SHIB) has exploded in worth to date in October, and has already turn out to be one of many prime 20 cryptoassets by market capitalization. The rise, which accelerated on October 4 with the assistance of Tesla chief Elon Musk, has occurred on unusually massive buying and selling quantity throughout Binance, Coinbase, and Huobi.

At 9:11 UTC, SHIB traded at USD 0.00002197, up a whopping 68% over the previous 24 hours. For the previous 7 days, the token is up 215%, making it the very best weekly performer among the many prime 100 cryptoassets by market capitalization.

Furthermore, its 24-hour buying and selling quantity surpassed USD 12bn, in contrast with dogecoin (DOGE)‘s USD 5bn, or ethereum (ETH)‘s USD 20bn.

Nevertheless, SHIB skilled a fair stronger rally this previous Might that ended with a pointy crash:


The most recent positive factors in worth for the token, presently ranked as quantity 19 on CoinGecko’s checklist of probably the most invaluable cryptoassets, could have been helped by Tesla CEO and “dogefather” Elon Musk, who late on Sunday evening US time took to Twitter to share an image of a Shiba Inu canine:

The tweet from Musk adopted an earlier tweet from June saying “My Shiba Inu will likely be named Floki,” in addition to one in September that mentioned “Floki has arrived” together with an image of a Shiba Inu pet.

Furthermore, the rise in worth additionally follows the announcement from the shiba inu neighborhood in late September {that a} new vary of 10,000 randomly generated Shiba Inu-themed non-fungible tokens (NFTs) will likely be accessible for buying and selling on the ShibaSwap decentralized trade (DEX). 

As is usually the case with meme cash, no different main information drivers that might clarify the worth pump have emerged to date. Nevertheless, the neighborhood seems to be very happy with the present market strikes nonetheless, with members of the SHIBArmy subreddit saying issues like “Hold going child. I NEED to give up my job!!” and “I wish to retire myself!!!!!”

Created in August of 2020 by the pseudonymous developer ‘Ryoshi’ and initially promoted because the “dogecoin killer,” the SHIB token could be traded on the venture’s personal ShibaSwap DEX, in addition to on numerous main centralized exchanges.

Constructed as an Ethereum-based token, half of the SHIB created had been allotted to Ethereum founder Vitalik Buterin’s pockets. Vitalik then proceeded to burn 40% of the whole provide, whereas 10% was donated in the direction of a COVID-19 aid effort in India.

With a market capitalization of USD 11.2bn, shiba inu is presently value about one-third of the unique dog-themed meme coin, dogecoin, which sits at USD 33.4bn, rating 8 on the checklist of probably the most invaluable crypto property.

Previous to the most recent pump in worth, SHIB additionally rose by over 40% after Coinbase listed the meme coin on September 17.


Be taught extra:
Vitalik Buterin Shows Mercy To Shiba Inu As Meme Coin Halves In Price
‘DOGE Killer’ Shiba Inu Clogs Ethereum While Musk Lifts Dogecoin Again

Dogecoin Wannabes Flood The Market With Pumps & Dumps
Doge Meme NFT To Be Sold in Fractions, Starting Today

Written by CryptoMoonPicks

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