Since the beginning of October, SHIB has already grown by 443% after good tidings and Elon Musk’s tweets.

Shiba Inu coin is still on the rise

Meme coin Shiba Inu (SHIB) hit an all-time high on October 24, when its quotes reached a price of $0,00004289, according to CoinMarketCap. At this point, the project reached 11th place by capitalization with a daily trading volume of $14,74 billion. Elon Musk’s tweet caused a small rebound. The official account of Shiba Inu asked the Tesla CEO, “how much SHIB are you holding”. Musk replied simply, “none”.

However, SHIB leveled off quickly, with a weekly price increase of 6,82% as of 16:00 (UTC+3). As a result, the cryptocurrency returned to the 13th position at the top of the largest crypto projects.

A sharp rise in the quotations of the meme coin began on October 4. The starting point of the token’s growing popularity was Elon Musk’s tweet about a Shiba Inu breed named Floki. The tweet had nothing to do with the cryptocurrency but caused a big stir around it – the price growth was more than 200% within a day. Since then, Shiba Inu began a “rally” fueled by news and hype around the token. 

The latest update: 

  • the token began trading on Binance on October 8;
  • trading platform Public added SHIB to its list of supported cryptocurrencies on October 20; 
  • rumors about SHIB support on Robinhood platform after Vlad Tenev’s interview, etc.

Shortly before the hype began, on September 16, Shiba Inu was listed on Coinbase. After that, the asset rose by 26% overnight. Analysts from Santiment shared that SHIB in October correlated with the indicators of trading volumes and social activity around the project. A total of 443% price increase is seen during October, according to CoinMarketCap.

Author: Evgeny Tarasov
#Altcoin #Shiba_Inu