Shiba Inu Records +220% Spike on Elon Musk’s Shiba Inu-Themed Tweet
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Shiba Inu (SHIB) has tapped into an aggressive bull run as the cryptocurrency records a +220% surge over the past seven days on the back of an Elon Musk-induced rally. At press time, SHIB trades at $0.00002310, up by +74% over the last 24 hours.
The meme coin’s bull run began after billionaire CEO Elon Musk tweeted an image of his pet Shiba Inu, Floki, on a Tesla vehicle. Given the impressionable nature of meme coins like SHIB and Dogecoin, this tweet—along with the bullish resurgence in Bitcoin—sparked the current bull run.
The meme coin community took Musk’s tweet as a symbolic indication of a possible announcement by the company to begin accepting Dogecoin as payment for vehicles. This has triggered a significant interest in DOGE, which shares a solid correlation with SHIB. The recent bullish resurgence has sent Shiba Inu to the number 20 spot on the top crypto rankings.
However, many analysts have warned that the current meme coin rally comes from a FOMO (fear of missing out) sentiment in the market, which they argue is the reason behind the popularity of these joke coins. These analysts also believe that, unlike DeFi cryptos, for instance, meme cons lack intrinsic value and only rally on account of sentiment.
Key Shiba Inu Levels to Watch — October 6
SHIB has regained its bullish trajectory, halted in the May – July market crash, amid a renewed interest in meme coins and a significant spike in trading volume. The meme coin recorded a whopping $14.9 billion in trading volume over the past 24 hours, the third largest—behind Bitcoin and Ethereum—in the market.
That said, the price has entered overheated conditions, and a correction should occur soon. We expect a pullback to the $0.00002000 – $0.00001800 support area.
Meanwhile, our resistance levels are $0.00002500, $0.00002750, and $0.00003000, and our key support levels are $0.00002000, $0.00001700, and $0.00001500.
Total Market Capitalization: $2.22 trillion
Solana Market Capitalization: $8.8 billion
Solana Dominance: 0.40%
Market Rank: #20
