AltcoinNewsPrice AnalysisShiba Inu (SHIB)

SHIB’s Trading Volume Surges by 1,101% after Elon Musk Posts a Puppy Pic

Tesla CEO has again shown the “Elon Musk” effect after directly influencing Shiba Inu’s value. Early on the week, the car manufacturer posted on the arrival of ‘Floki,’ his new meme token. Such development had SHIB rising on early Friday, increasing its value by 40%.

While writing this content, the canine-themed crypto trades in green after gaining 34.58% in the past 24 hours. Keep in mind that SHIB hovers 25.92% high over the last seven days. The positivity had Shiba Inu’s price near $0.000009046 as its market capitalization hovers at $3.07 billion, its trading volume jumping 1,101%.

Also, TechStory reported that SHIB surged by 21% after the Coinbase listing recently. That came as the leading crypto exchange announced its plans to include all tokens on its platform. That shows that SHIB has a place in the market, forcing Coinbase to support the alt as far as withdrawals and deposits as concerned to ensure liquidity.

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On the other hand, Tesla’s favorite, Dogecoin, has witnessed price upswings recently. While writing these lines, DOGE trades around $0.2572, hovering in green after gaining 4.64% in the last 24 hours. Also, the leading meme coin has traded 0.75% higher over the past week, with $33.39 billion as its market capitalization. Also, Musk’s tweets had related coins like Baby Doge experiencing positive changes.

It isn’t the first time Elon Musk has tried to control the crypto world through his Twitter feed. The electric car dealer contributed to the April-May market crash after criticizing Bitcoin power usage via his tweets. The world’s favorite digital token plunged under the $45K level after Tesla hinted at divesting its earlier $1.5 billion bets on BTC. However, Musk didn’t trim his Bitcoin holding. Inversely, his comments during The B-Word events helped BTC rise from the $32K level on 22 July, gaining around 8% after Musk’s comments.

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In May this year, Dogecoin saw its price soaring after Musk declared cooperating with developers to improve DOGE’s efficiency to facilitate payments. The meme assets surged more than 30% after the tweet, attaining a $0.56 high (Bloomberg data).

Do you think that SHIB will explore new highs with Musk’s support? You can share your views below.

Andre Louie (Spain)

Andre is a new writer for Tokenhell, writing in both English and Spanish. Andre loves cryptocurrencies and the blockchain / crypto world and has been into Bitcoin since 2012.

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