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Shiba Inu

SHIB 8% Gain Bigger Than TWTR’s As Elon Musk Set For Twitter Takeover

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu managed to finally be on the green across its short-term price charts as SHIB gets exposed to a number of positive stimuli over the last few days.

The cryptocurrency reacted positively to the news of Elon Musk’s upcoming takeover of social media giant Twitter, increasing the price of SHIB by over 8% just moments after the development was announced.

The meme crypto, however, experienced a slight price correction according to latest tracking from Coingecko. At press time, SHIB is changing hands at $0.00001087.

Related Reading: Crypto Market Retakes $1 Trillion Territory As Bitcoin Shows Renewed Strength

It is still up by 10.1% over the last seven days and by 6.8% for the past two weeks. SHIB also managed to slash its 30-day losses to just 2.2%.

The altcoin performed decently over the last couple of days that it actually managed to surpass Twitter’s stock (TWTR) in terms 24-hour gains.

TWTR settled at $53.35 on Thursday. It was slightly higher than its $52.78 closing value a day before.

Elon Musk has until Friday to finalize his $44 billion acquisition of Twitter.

SHIB Continues To Ride Dogecoin Momentum?

In the past, it has become evident that Shiba Inu benefited whenever the original dog-themed cryptocurrency Dogecoin is having a good run.

This was once again proven on October 26 when the crypto market witnessed a relatively strong surge that pushed Bitcoin and Ethereum above crucial price levels.

DOGE managed to increase by 28.2% over the last week as it is currently trading at $0.075. With this, the digital asset pumped its market capitalization by over $2 billion. SHIB replicated this action as it also pushed its overall valuation to $6.407 billion.

Among crypto assets belonging to the top 20 list of Coingecko, Dogecoin and Shiba Inu were two altcoins that tallied the highest gains over a seven-day time period.

Whale Activity Observed Following Musk’s Twitter Move

Meanwhile, Dogecoin whales became active following the development involving the tech billionaire Musk and Twitter. In fact, there were 85 transactions with value of at least $100,000 that was recorded after the news broke out.

This might be an indication that investors are hopeful that DOGE will be able to duplicate its impressive run last year.

On the other hand, SHIB is just trying to capitalize on every positive development that could trigger price rallies, no matter how small they are.

The meme coin continues to deal with problems like high supply inflation and lack of utility – two factors that negatively impact its price direction.

Its recent surge might help fend off an impending doom as some analysts believe the crypto might “die” by the end of next year.

Related Reading: Bitcoin Breaches $20,000 Level – No Big Deal For Investors Or What?
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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