The cryptocurrency reacted positively to the news of Elon Musk’s upcoming takeover of social media giant Twitter, increasing the price of SHIB by over 8% just moments after the development was announced.
The meme crypto, however, experienced a slight price correction according to latest tracking from Coingecko. At press time, SHIB is changing hands at $0.00001087.
It is still up by 10.1% over the last seven days and by 6.8% for the past two weeks. SHIB also managed to slash its 30-day losses to just 2.2%.
The altcoin performed decently over the last couple of days that it actually managed to surpass Twitter’s stock (TWTR) in terms 24-hour gains.
TWTR settled at $53.35 on Thursday. It was slightly higher than its $52.78 closing value a day before.
Elon Musk has until Friday to finalize his $44 billion acquisition of Twitter.
Image: ABC News
SHIB Continues To Ride Dogecoin Momentum?
In the past, it has become evident that Shiba Inu benefited whenever the original dog-themed cryptocurrency Dogecoin is having a good run.
This was once again proven on October 26 when the crypto market witnessed a relatively strong surge that pushed Bitcoin and Ethereum above crucial price levels.
DOGE managed to increase by 28.2% over the last week as it is currently trading at $0.075. With this, the digital asset pumped its market capitalization by over $2 billion. SHIB replicated this action as it also pushed its overall valuation to $6.407 billion.
Among crypto assets belonging to the top 20 list of Coingecko, Dogecoin and Shiba Inu were two altcoins that tallied the highest gains over a seven-day time period.
Whale Activity Observed Following Musk’s Twitter Move
Meanwhile, Dogecoin whales became active following the development involving the tech billionaire Musk and Twitter. In fact, there were 85 transactions with value of at least $100,000 that was recorded after the news broke out.
This might be an indication that investors are hopeful that DOGE will be able to duplicate its impressive run last year.
On the other hand, SHIB is just trying to capitalize on every positive development that could trigger price rallies, no matter how small they are.
The meme coin continues to deal with problems like high supply inflation and lack of utility – two factors that negatively impact its price direction.
Its recent surge might help fend off an impending doom as some analysts believe the crypto might “die” by the end of next year.
SHIB total market cap at $6 billion on the daily chart | Featured image from EyeEm, Chart: TradingView.com