Shiba Inu (SHIB) extends its rally with strength despite the recent comment by Elon Musk. Tesla executive admitted he do not own SHIB and appeared to favor the leading meme crypto, Dogecoin. While writing this content, SHIB/USD has a value near $0.000054.
No Musk’s Effect on Shiba Inu Rally
Elon Musk has been active in the meme crypto market, promoting Dogecoin to its high highs early this year. Recently, the billionaire posted on Twitter, praising the original canine-themed coin as a fast, cheap, and scalable option for completing digital transactions. He believes that DOGE has what it takes to compete with Bitcoin in the future. Responding to somewhat curious enthusiasts, Musk confirmed that he does not hold SHIB despite his previous post of a rocket and puppy that had the SHIB community speculating Musk’s interest in the Dogecoin-killer.
In reply to another tweet of a user asking Elon Musk to invest in SHIB assets, a Twitter user stated that the crypto community does not rely on celebrity endorsement for their interest in the meme coin. Meanwhile, SHIB’s recent price movements appear to confirm the narrative. While most individuals expected Musk’s comment to trigger a sharp fall in SHIB’s price, the meme coin muted beyond expectation as Shiba Inu online community ensured high engagement to support SHIB’s further rally.
Also read:SHIB on Public, Robinhood Next?
Meanwhile, one crucial reason supporting SHIB might be the listing on Public, a renowned trading app and Robinhood competitor. With its more than 1 million active customers, the Public accepted crypto undertakings recently, starting with top cryptos before adding SHIB.
The petition to list SHIB on Robinhood gained more support recently after the Public’s move and the Shiba Inu price actions that followed. Shiba Inu Robinhood petition has received over 300,000 signatures.
Technical Analysis
Analysts believe that SHIB will surge past $0.00005 in the upcoming sessions. If you are among individuals that go for the dip, you might consider SHIB at the moment. As the meme coin overpowered a vital level, it may have the momentum to hit the expected target. SHIB/USD’s 4Hr chart shows MAs and the MACD displaying massive bullishness, confirming upside actions. Hiba Inu might have its next obstacle at $0.0000722.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.