Shiba Inu coin surges 55% after Musk’s tweet, volumes zoom 770%
Floki Frunkpuppy https://t.co/xAr8T0Jfdf — Elon Musk (@elonmusk) 1633311718000
New Delhi: Elon Musk has once again created a buzz in meme token world, which has now gone crazy for Shiba Inu (SHIB) coin. The made-for-fun digital token has soared a whopping 55 per cent to $0.00001312 in the last 24 hours.The market cap of Shiba Inu has raced past the $5.22 billion mark. The token had hit a high of $0.00001482, but later on gave up some gains.SpaceX CEO Elon Musk tweeted a photo of the newest member in his family, a pet, Floki, the Shiba Inu puppy, sitting on a Tesla. In September, he had shared a post welcoming a new member to his family.Following Musk’s tweet, crypto fanatics went crazy over the coin as volumes of SHIB have soared over 770 per cent in the last one day.The breed happens to be the mascot of Musk’s favourite crypto currency Dogecoin . The Tesla CEO has also been called the ‘Dogefather’ by netizens.However, Musk is not the only reason for Shiba Inu’s instant vertical rally.The Shiba Inu team seems to be building a project, said Ishan Arora, Partner, Tykhe Block Ventures, a crypto hedge fund.“However, it started as a meme coin with no use case but that is being changed as the team seems to be working on certain things like a decentralized exchange,” he added.Not only Shiba Inu, other meme tokens like Husky and Shiba Cash soared 140 per cent and 75 per cent, respectively. Other tokens like Akita Inu, Baby Doug, Doggy, Kishu Inu and Pitbull rallied between 15-35 per cent.Musk’s favourite, Dogecoin soared 12 per cent to $0.2484 on Tuesday, regaining its spot as ninth largest cryptocurrency based on market capitalisation.Market experts say the crypto market is still in a nascent stage. Hence, it reacts to mercurial figures like Musk.Arora said investors should stay away from such one-time wonders until there is anything substantial behind it.“Most people do not have the grasp of their investment thesis and merely follow some influencer and buy such meme coins, " he said. “However, early Doge investors last year did quite well, so it is not as black and white as most want it to be.”
Shiba Inu price retraces as SHIB bulls plan 22% ascent
Shiba Inu price rose 10% over the past three days and retested the $0.00000768 resistance level.
The current retracement is likely to be followed by an 18% ascent to $0.00000835.
In some cases, SHIB might retrace to the support area, ranging from $0.00000625 and $0.00000654.
Shiba Inu price has narrowed its consolidation within a bigger range over the past few days. However, the overall trend appears to be bullish due to the formation of consecutive higher lows.
Shiba Inu price faces momentary blockade
Shiba Inu price rose roughly 10% since September 28 as it encountered the $0.00000768 support level. The bulls failed to breach this resistance level and are currently leading to the start of a retracement.
If the overall market structure flips bullish like yesterday, investors can expect Shiba Inu price to slice through this barrier and continue heading higher. While this is an optimistic scenario, a likely outcome would be a pullback to $0.00000684.
This correction gives the buyers a chance to recuperate and restart the uptrend. Assuming the bulls make a comeback, market participants can expect SHIB to slice through $0.00000768 and make a run at $0.00000835.
This move would constitute a 22% ascent.
SHIB/USDT 1-day chart
On the other hand, if Shiba Inu price fails to hold above $0.00000684, it will lead to a retest of $0.00000654 or $0.00000625, where the buyers can have another go at the bull rally.
However, if neither of the support floors mentioned above fails to hold up, the dog-themed cryptocurrency will likely produce a decisive close below $0.00000625, invaliding the bullish thesis.
In such a case Shiba Inu price could venture lower and retest the range low at $0.00000549.
Cryptocurrencies Price Prediction: Shiba Inu, Cardano & Ripple – American Wrap 04 October
Ripple (XRP) price action got some support from bulls who attempted to break the downtrend going on since September. With a false breakout above the blue descending trend line, bulls got caught in a bull trap. Bears will seek to drive price action lower toward $0.84, the low from August.
Cardano price action over the weekend has been an exercise in frustration for buyers and sellers alike. Solid bullish momentum that began last Thursday (September 28th) failed to generate follow-through buying pressure. Additionally, bears have been unable or unwilling to show conviction in a resumption of selling pressure.
Shiba Inu price has made some substantial gains since its October open at $0.00000716. A gain of over 52% has seen bulls push Dogecoin killer Shiba Inu to new four-month highs at 0.000011. However, persistent historical resistance has prevented further upside movement.
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