Kew Takeaways:
- Dogecoin-inspired Shiba Inu rallied 60% in two days, establishing a new record value.
- The rumor about trading platform Robinhood being interested in listing SHIB fuelled the uptrend.
- Elon Musk’s tweet reversed the bias.
YEREVAN (CoinChapter.com) – Shiba Inu, the self-proclaimed ‘Doge killer,’ soared 60% during the weekend and registered a new all-time high at $0.00004465. However, the SHIB bulls did not have much time to celebrate, as the price action turned bearish hours later, with help from Elon Musk, the chief executive of Tesla and SpaceX.
Notably, the meme-token briefly vaulted up the ranks of the top ten cryptocurrencies by market capitalization (reached #9). However, after the setback, SHIB settled for #13 with a market cap of $15.2 billion.
What fuelled the Shiba Inu rally?
SHIB surge came amid the relatively flat weekend for the top 20 cryptocurrencies. The overall hype around the meme token and the rumor about a possible Robinhood listing could have spurred the rally.
The financial services company did not confirm the rumor. On Oct 21, in an interview with CNBC, the chief executive Vlad Tenev acknowledged the demand for the meme-crypto but also asserted that Robinhood won’t rush into the decision of listing it just yet.
We only offer seven coins currently. And I think it goes back to safety first, right. So we’re not generally going to be the first to add any new asset. We want to make sure that it goes through a stringent set of criteria.
commented the CEO.
However, on Oct 23, a Twitter account named Shiba Inu News claimed that Robinhood has been allegedly sharing a survey among its users, asking which of the cryptos in the list Robinhood users purchased in the previous three months. Shiba Inu was one of the options, which spurred the SHIB bulls.
SHIB value surged after the tweet. However, some experts think that for cryptocurrencies like Shiba Inu, a reason behind a sudden price action is not necessary. The head of crypto exchange Luno Pte.’s Asian-Pacific branch Vijay Ayyar commented on the matter.
With such meme coins, it’s hard to speculate on the actual reasons for price movements, in all honesty. But there are some interesting communities being built around them.
said the executive.
Moreover, according to the on-chain analytical platform Santiment, the rise in “crowd negativity and doubtful commentary” accompanied the SHIB’s uptrend.
The hype around the ‘Doge killer’ pushed the Shiba Inu price 60% higher to a new all-time high of $0.00004465. However, hours after the peak, Elon Musk sparked a downtrend with a tweet.
Also read: Could Robinhood add Shiba Inu to its service portfolio? It better shouldn’t
Elon Musk doesn’t own SHIB
A Shiba Inu-supporting account asked the billionaire entrepreneur how much SHIB he owned. When the answer was “none,” the discussion heated up. Some Shib supporters claimed that the crypto doesn’t need celebrity proponents to promote it. Others contended that Mr. Musk should reconsider and think about “buying some.”
After the CEO’s reply (indicated with a vertical line on the chart below), SHIB fell 14%. Following a partial recovery, the SHIB/USD exchange rate stood at 0.00003873 in the early European session Monday.
Also read: Shiba Inu falling wedge risks activating another super bearish pattern
