Shiba Inu (SHIB) Gains 55% Following Musk’s Tweet

The lucrative sessions see Shiba Inu’s market capitalization rally past $5.22 billion. The meme token attains a peak of $0.00001482 before losing some of the gains.

Elon Musk influences the crypto industry once more with a buzz in the meme asset space. The canine-themed crypto surged 55% over the previous 24 hours to stand around $0.00001312. The meteoric price rise in Shiba Inu saw the coin’s market cap racing past $5.22 billion.

The meme token attained the $0.00001482 peak before retracing to lose some of the gains. Keep in mind top digital coins trade in green since yesterday due to positive sentiments. SpaceX executive Elon Must posted a picture of his pet, Floki, on a Tesla, sparking increased interest by the Shiba Inu community.

Cryptocurrency enthusiasts seemed to go crazy over SHIB after Musk’s tweet. That had the altcoin’s volume surging more than 770% in the past day. Keep in mind that the Tesla CEO had promoted Dogecoin via his tweets, contributing to its rise towards its peak highs early this year.

Meanwhile, Musk isn’t the only contributor to SHIB’s sudden vertical rally. Some analysts believe that the Shiba Inu team has been vital in promoting the asset to higher highs. Though the crypto started for fun without real use cases, its creators plan to introduce helpful features such as a decentralized exchange.

The recent upside momentum in the meme asset market had coins like Shiba Cash (+75%) and Husky (+140%) witnessing considerable surges. Also, other themed cryptos like Pitbull, Kishu Inu, Doggy, Baby Doug, and Akita Inu rallied by up to 35%.

Musk’s favorite meme asset, DOGE, increased by 12% to stand at $0.2484 early on Tuesday, reclaiming its 9th rank as far as market capitalization. Market players believe that the cryptocurrency market stayed in a blossoming stage, thus reacting to prominent figures such as Elon Musk.

Arora warned investors against these one-time performers until they show significant underlying elements. Remember, most traders lack investment plans, merely following what influencers suggest. Analysts have been criticizing such approaches in the crypto space.

Feel free to share your opinions.