It has been a roller coaster ride for the SHIB token over the weekend, with a strong rally that took its value closer to its all-time high, to a sudden price drop over FUD created by Elon Musk’s incendiary claims. Let’s take a closer look.
SHIB Soars 50% In 24 Hours
Memecoin Shiba Inu has had a resounding rally over the weekend. With a solid jump of 50% within 24 hours, it had overtaken the momentum of BTC, which had itself rallied to its new all-time high last week. As it inches closer to the other big memecoin Dogecoin, experts were left wondering if Shiba might actually live up to its title of “the dogekiller.” The coin is currently the 13th largest cryptocurrency with a market cap of $21.4 billion, while Doge is in the 11th place with a market cap of $33.86 billion. Even more impressively, SHIB has gone up over 480% in the last month.
Ben Caselin, head of research and strategy at crypto exchange AAX points out,
“At this moment attention seems to have converged on SHIB and speculation is the primary driver of the price surge. Prior patterns and dynamics in crypto indicate that SHIB is likely to be challenged by other projects and shed much of its value further along in the market cycle,” he added.
Robinhood Rumors Fueling Rally
Active crypto community leaders believed that the latest rally could be as a direct result of the rumors that crypto trading firm Robinhood is considering listing Shiba on its platform. A prominent twitter reporting account called Shiba Inu News had reported that Robinhood is conducting market research to gauge the popularity of the memecoin. Furthermore, a Change.org petition asking for the listing of SHIB on Robinhood has garnered huge community support with over 300,000 signatures.
Tokens Burned, Ignites Demand
Earlier on Sunday, it was announced that almost 900 million SHIB tokens have been burnt. Prior to the 50% rally over the last 24 hours, SHIB was moving up by a daily average of 16%, mainly because 1% of the circulating supply being burned on a daily basis. The last two weeks have seen an upward tick in the Shiba Inu growth charts. It successfully held on to the $0.000028 mark for a whole week, before soaring higher and reaching $0.00004432 over the weekend, closing in on its all-time high of $0.00005 from back in May 10.
Musk Teases SHIB Community; Enrages Hodlers
Despite being a prominent figure in the Shiba Inu community, Elon Musk is in trouble with the community members. Musk has been teasing his ‘support’ for the token, even going as far as bringing home a Shiba pup. Additionally, he has been vocal about his support for SHIB on Twitter. However, in a recent Twitter thread on Sunday, he revealed that he is still yet to actively invest in SHIB. This caused a flurry of FUD among the community, which saw the price of the coin drop 27% from its weekend high to $0.00003282. The price has recovered somewhat since then and managed to stabilize at $0.00003770.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
