Shiba Inu Breaks into the Leader in Growth in the Altcoin Market
Shiba Inu, the meme coin successor of Dogecoin, is leading in terms of growth among altcoins over the past 24 hours, while simultaneously becoming the most talked about token on social networks. But what caused this?
Inspired by the green market and possibly tweets from Elon Musk, SHIB managed to overcome the continued resistance, setting a new 4-month high at $0.00002014 on CoinMarketCap.
Those who did not know how to jump on the hype wave in time can still do it if the token implements a bullish pennant. At the same time, sellers should carefully monitor the stabilization of the altcoin, focusing on closing below the 50% Fibonacci level. If the close were below the 38.2% Fibonacci level, it would mean the end of the uptrend and would most likely nullify the bullish sentiment of the dog coin holders.
During the first days of October, SHIB managed to grow by 18%, despite the lack of the required demand at the level of $0.00000950. The token passed the resistance level relatively easily, heading for higher indicators. Over the past day, the value of the crypto asset on Huobi has grown by more than 70%, reaching $0.00002014, and its market capitalization jumped 58.13%, breaking $7.39 billion.
Elon Musk has often become a catalyst for activity in the Shiba Inu community, and this time may not be an exception. A few days ago, the hashtag #SHIB hit Twitter trending after a tweet from the head of Tesla, in which he shared a photo of his dog, Shiba Inu, named Floki. This triggered over 90,000 tweets about Floki, Dogecoin, Shiba Inu, and other dog coins.
Previously, the token had already risen in price in mid-September shortly after Musk posted the first photo of the pet after buying it. That time, in addition to the Shiba Inu token, its imitators, Shiba Floki and Floki Inu, also increased in price, whose growth was 1009% and 108%, respectively.
However, despite the community's interest in Floki, an anonymous whale could also be the reason for the growth, having bought about 6 trillion SHIB tokens worth more than $43.83 million back on October 1. Then he bought another 116 billion coins, and over the course of several more hours, he added 160 billion SHIB to his already existing fortune. Thus, his total purchase amounted to more than 6.276 trillion tokens, and his profit after today's growth is over $75 million.
One of the options for such suspicious activity could be a potential altcoin listing on Robinhood Markets. The first rumors about this appeared in late September when one of the Twitter analysts announced that the platform may add SHIB after the release of its own cryptocurrency wallet.
In parallel with this, the "dog" coin managed to become the most popular on the largest American cryptocurrency exchange Coinbase. With over $1.3 billion in trading volume, it almost doubled Bitcoin's $774 million!
Over the next few days, we will find out whether the token will be able to hold back the pressure of traders, breaking new records, or whether it will fall in price again.
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