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.
BREAKING NEWS: Robinhood is emailing this survey to select users of their platform.
They are including #SHIB as one of the answers to select!
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.
📈 #ShibaInu is +26% in the past 24 hours while the rest of the #crypto markets are mostly flat. The young, rising asset continues pumping eerily in tandem with moments of crowd negativity and doubtful commentary. Watch how sentiment impacts $SHIB. https://t.co/pHILpF9DFGpic.twitter.com/2hEIPXjRAp
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.
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.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
SOL prices jumped more than 41% over the last seven days. The token likely reacted to news of Solana's...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.