On Tuesday, the cryptocurrencies went broadly higher as the Bitcoin ($BTC), in the first of the last four weeks, crossed the critical level of $50,000. Shiba Inu coin also rocketed around 90% after a tweet from Elon Musk sent the market buzzing.
Shiba Inu (SHIB) coin, a digital token made-for-fun, went around 90% high in the last 24 hrs to $0.00001312. The digital token has whopped about 15 million per cent in the previous year.
The cryptocurrencies had suffered a downfall after China banned crypto mining and the regulators looked to bring bitcoin and other currencies inside the bar. However, after an announcement in the US Assembly that the country doesn’t look forward to regulating crypto, the coins began the surge.
On Monday, the cryptocurrencies, especially Shiba Inu, went very high after a tweet from Tesla’s Elon Musk came into the spotlight.
In the tweet, Floki, a Shiba Inu puppy- the newest member in the musk family is seen sitting on a Tesla. Elon Musk had done a similar tweet for the dogecoin as well.
The crypto fanatics went berserk after the tweet, and Shiba’s volumes rose to as high as 770%. The Shiba Inu breed happens to be a mascot to Elon Musk’s favourite dogecoin, as the Tesla CEO is also popularly called “Dogefather”.
The other currencies also performed pretty well, and Bitcoin went up 5.4%, trading at $50,120. Ethereum, the second-biggest crypto by market cap, was up 3.3%, trading at $3,445.
Is Elon Musk the only reason for the high Shiba Inu performance?
While it may seem so, Elon Musk is not the only reason behind this surge; however, he may have acted as the catalyst. The Shiba Inu team appears to be building a project. The news came from a crypto hedge fund.
The team started the coin just for fun, but now they are working on improving the token. The meme coin team is now working on certain things like a decentralized exchange.
The other meme tokens also showed some surge. The experts in the market believe that the crypto market is still in its nascent stages. Therefore, the coin performances are highly influenced by figures like Elon Musk. However, one should look into the entire black-and-white aspects of the market before investing!