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Elon Musk Brings Volatility to Shiba Inu as SHIB Price Hits ATH

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by Bhushan Akolkar · 2 min read
Elon Musk Brings Volatility to Shiba Inu as SHIB Price Hits ATH
Photo: Depositphotos

After an unprecedented rally with Shiba Inu (SHIB) hitting a new all-time high, tech billionaire’s recent tweet over SHIB has put a pause to the rally.

Meme cryptocurrency Shiba Inu has been on an unstoppable rally over the last few weeks. Over the last weekend, the SHIB price rallied another 45% hitting its all-time high (ATH) of $0.000042 on Sunday, October 24.

The major bull run in Shiba Inu started earlier this month in October. So far this month, the SHIB price has skyrocketed by 5x or a staggering 400%. If Shiba Inu continues with this move further, we can see the meme crypto making its way to the top ten crypto-list to share space with its competitor Dogecoin (DOGE).

After hitting an all-time high on Sunday, DOGE price plummeted 15% earlier after Elon Musk‘s tweet. One of the Twitter users asked Musk whether he owns any SHIB.  Responding to it he said “None”.

Following this, the SHIB price entered a sharp correction dropping more than 15% from its all-time high (ATH). However, SHIB has recovered from the bottom and is currently trading at $0.000038 and as the 13th largest crypto by market cap.

In another major milestone, the Shiba Inu daily trading volumes have surpassed that of Ethereum. The 24-hour trading volume for SHIB is currently at $15.7 while that for ETH is $15.4 billion.

Meme cryptocurrencies have been on a strong rally this year. It started with Dogecoin followed by a rally in Shiba Inu. On-chain data provider Santiment has reported that despite the crowd sentiment turning negative Shiba Inu has witnessed a surge in the price.

Elon Musk Calls Dogecoin People’s Crypto

In another tweet, Elon Musk showered praises for Dogecoin. Responding to a tweet, Musk explained his reason to support Dogecoin (DOGE). Musk added:

Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.

Musk was responding to a recent survey that shows that nearly one-third of the crypto investors in the United States own Dogecoin. The survey from the Finder also shows that Dogecoin (DOGE) adoption in the US supersedes that of Bitcoin (BTC) and Ethereum (ETH). Recently, Elon Musk also jokingly said that he will be the world’s first Dogecoin trillionaire.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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