Tag: Twitter
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SHIB 8% Gain Bigger Than TWTR’s As Elon Musk Set For Twitter Takeover
Shiba Inu managed to finally be on the green across its short-term price charts as SHIB gets exposed to a number of positive stimuli over the last few days.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
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Doge and Shib prices soar ahead of Musk’s Twitter purchase
In April, Elon Musk suggested that dogecoin could be used to make payments on Twitter. Photo: Muhammed Selim Korkutata/Anadolu Agency Dogecoin (DOGE-USD) and shiba inu (SHIB-USD) soared ahead of the news that Elon Musk may finalise his purchase of Twitter (TWTR) on Friday, which is the deadline for the completion of the $44bn (£37.9bn) acquisition of the company.
As speculation grows that dogecoin could be used in a new integrated crypto payment system on Twitter, the memecoin and it’s younger sibling, shiba inu, pumped.
Check: Crypto live prices
In April, Musk suggested that dogecoin could be used to make payments on Twitter.
Referring to subscription payments on the platform he stated there could “maybe be an option to pay in doge“.
Dogecoin hiked almost 34% in the last seven days to sit around $0.07, up 19% in the last 24 hours.
Shiba inu also rallied 15.6% in the past week, up 8.6% in 24 hours to $0.00001136.
The Tesla (TSLA) CEO marched into Twitter’s San Francisco headquarters on Wednesday holding a sink and stating: “Let that sink in.”
A video of the act lit up the Twitter-sphere with speculation as to whether there was a deeper metaphorical meaning to the sink, beyond the obvious pun.
Musk plans a new revenue model for Twitter, with the possible introduction of dogecoin payments, price cuts, and authentication checkmarks for its Blue subscription service.
In April, Musk tweeted that anyone who signs up for Twitter Blue should pay less than the current $2.99 a month. He also said they should get an authentication checkmark.
He said: “Price should probably be ~$2/month, but paid 12 months up front and the account doesn’t get checkmark for 60 days (watch for credit card chargebacks) and suspended with no refund if used for scam/spam.”
Read more: Could Rishi Sunak make the UK a global crypto hub?
He also said there should not be any ads on the platform as “the power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive”.
The crypto market has been mostly buoyant for the past two days, with forerunners bitcoin (BTC-USD) and ethereum (ETH-USD) shrugging their usual correlation with traditional stocks such as the S&P 500 (^GSPC) and Nasdaq (^IXIC).
On Thursday the combined cryptocurrency market cap jumped 2.7% to $1.05tn, according to coingecko data.
Bitcoin rose 0.6% to $20,724 on Thursday.
Ethereum jumped over 21.2% in the past week to $1,556, rising over 2.6% in the past 24 hours.
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