AUS
NZ
UK
CA
USA
IND
Highlights
- After achieving an all-time high, Shiba Inu (SHIB) plummeted by 20% in just two hours following Elon Musk’s tweet on 25 October.
- Musk tweeted that he doesn’t own any Shiba token
- The pullback came after SHIB had achieved a new high of US$0.000044 on October 24 following a more than 500% rally.
Shiba Inu (SHIBA) has been on a bull run. After seeing a rally of more than 500% since the start of October, the so-called DOGE-coin killer saw a retracement after Tesla owner Elon Musk had tweeted that he doesn’t own any of it.
Shiba, which has been on a bullish run since 15 October, saw a week-long support at US $$0.00002796. But this Musk’s tweet does put the brakes on the meteoric rise, and now the market participants are keen to make the most, while it lasts.
Musk’s tweet: A Killjoy?
Even though Musk’s tweet did play a spoilsport, but there seems to be no stopping in the bull run at the moment. If we look at the rise at the chart, the Moving Average convergence divergence (MACD) line, which indicates the trend following the momentum, in the red histogram is below the signal line indicated in blue. Even though the red line did intersect the blue line for a brief, but the blue lines do have their noses ahead, indicating that bulls are stronger despite the blip.
At present, the coin is the 11th largest crypto token by market cap, which somewhere around US $20.3 billion.
Also read: Binance’s tryst with trouble continues with latest BTC glitch
Image source: Trading view
Despite the strong rally, Musk’s tweet has spooked a few, who are in a hurry to make profit while the bull run lasts. The market experts predict that investors would do well if they stay away from the temptation of panic selling. Panic selling are often a byproduct of a situation like this, where the prices suddenly drop, creating confusion and fear within the investors.
Later, Musk wrote that investors should be careful before investing their whole corpus money into meme coins like SHIB or the Floki Inu coin. The coin was named after Musk decided to name his pet Floki.
Image Copyright: Kalkine Media
SHIBA continues to stay strong
Having said that, the SHIB continued to stay above the rate and was trading at US$0.000039 with a 24-hour trading volume of US$15,693,640,707. It was up by 14% at one point of time, but now it was up only 1.90% with a live market cap of US$15,348,069,371 with a circulating supply of 394,796,000,000,000 SHIB coins.
Seeing the rally that it witnessed in the past couple of days, wherein it had rallied 43% to 0.00004127, there is a hope that Shiba Inu will quickly shake off its blip and will move to higher highs. The market participants are expecting that the SHIB’s momentum will not die down so soon.
Also read: Watch out for these 4 highly anticipated Bitcoin ETFs
Future perfect?
Known as the Doge killer, Shiba Inu’s bull run was dented by Musk tweet, following which it lost 20% of the margin it made, with speculation that it could drop further by 105%. Well, that could be a possibility, but trends and overall market mood indicate that Shib enjoys the investors’ confidence quotient at present.
In the next few days, it is expected to consolidate further and grow stronger. Investors would hope that this is only a blip and doesn’t see the token bear a freefall.
