Elon Musk’s Tweet Stops the Shiba Inu Rally, Adds Support for Dogecoin

Meme cryptocurrency Shiba Inu (SHIB) has had a mammoth price rally over the last few weeks. On Sunday, October 24, the Shiba Inu (SHIB) price skyrocketed to its all-time high of $0.000042 with its market cap crossing $15 billion.

However, an Elon Musk tweet managed to put a momentary pause to the SHIB rally. One of the Twitter users asked Musk whether if he owned any SHIB tokens, to which Musk responded “None”.

Soon after Musk’s tweet, the SHIB price corrected 15% from its all-time high. However, it bounced back once again from the bottom. As of press time, SHIB is trading 7.26% up at $0.000039 with a market cap of $15.22 billion.

The meme cryptocurrency has gained more than 400% since the beginning of October 2021 in less than a month’s time. Shiba Inu (SHIB) is now eyeing a spot with its rival Dogecoin (DOGE) among the top ten crypto list. If SHIB continues with its price rally at this pace, we can expect it to be happening over the next few weeks.

Interestingly, the strong demand for Shiba Inu also made it one of the most-traded cryptocurrencies in the market. On Sunday, Shiba Inu emerged as the third most-traded cryptocurrency with its trading volume skyrocketing past $16 billion and overcoming giants like Ethereum. Its trading volume was just below that of Bitcoin and Ethereum.

Furthermore, the recent rally in Shiba Inu (SHIB) has come on the backdrop of that popular trading app Robinhood will soon add support for the cryptocurrency.

While Elon Musk declared that he doesn’t own any SHIB tokens in his crypto portfolio, the tech billionaire was quick to add support for his favourite meme coin Dogecoin (DOGE). In one of his tweet replies, Musk added the reason behind his supporter DOGE.

He said: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto”.

Musk was responding to a tweet that stated that a third of U.S. crypto investors are invested in Dogecoin, the adoption rate of Dogecoin in the U.S. is nearly double to the rest of the world. 

Elon Musk has been one of the ardent supporters of Dogecoin and has also shown his interest in developing the Dogecoin ecosystem further. In one of his recent tweets, Musk also mentioned jokingly that he would soon become a dogecoin trillionaire.