Analysts say a number of reasons lie behind the 300% increase in the Shiba Inu (SHIB) last month. In a crypto version of a dog agility show, Elon Musk helps SHIB jump and stay in place. Details cryptocoin.com‘in.
Have the secrets been solved for SHIB?
The Shiba Inu (SHIB) price has seen an impressive rebound on Monday as Elon Musk’s tweet and whale trades surged. Another dramatic spike for the Dogecoin killer, similar to the one in May? According to Ryan Wilkinson, co-founder of NFT platform Blockasset.co, “This week marks the return of individual investor passion to the market, which could bode well for price action across the field in Q4.”
With Bitcoin (BTC) starting the week trading above $62,000, approaching its ATH, Elon Musk once again blessed the dog-meme crypto package with his tweets. The Tesla CEO’s ability to make Shiba Inu-inspired crypto prices jump with his tweets is reminiscent of a dog agility show. In these competitions, a trainer, whose authority is limited to voice and body signals, guides the dog through a complex obstacle course as he races against time. On Monday, Musk tweeted an art image of a puppy with a rocket ship.
Although Musk’s text art remains open to interpretation, his tweet increased the price of SHIB by 21%.
Santiment, meanwhile, spotted an increase of over $100,000 in Shiba Inu whale transactions.
“When these transactions come in bundles, price increases often follow,” the crypto market intelligence platform tweeted on Monday morning.
Generation Z investors
Branded as a “Dogecoin killer,” the Shiba Inu (SHIB) was launched last year as a Dogecoin (DOGE) spinoff. Since then, SHIB has amassed an army of over 742,500 individual investors who now hold the money. In keeping with the dog-meme crypto hysteria of early October spurred by Elon Musk’s tweets, the price of SHIB has soared 250% for three days. Meanwhile, the project’s NFT collection of 10,000 “cute creatures” called Shiboshis sold out in 35 minutes.
“From GameStop to Dogecoin, this year’s events have shown us that young investors are happy to invest in a meme and are interested in having fun while investing,” Wilkinson said. The Coinbase listing in September gave SHIB exposure to a massive individual investment market as the community behind ShibArmy, the self-proclaimed “Dogecoin killer” continued to grow in both numbers and strength. “The Dogecoin clone has yet to reach the highs it reached in May, when dog tokens soared en masse,” Wilkinson continued. Wilkinson noted that data from Santiment suggests that crowd hype may have played an important role in the success of the SHIB: “There has been increased mention of the SHIB and the Shiba Inu. Also, several TikTok ‘influencers’ with large followings have shared their price targets for the coin, giving it even more exposure to Gen Z investors. It wouldn’t be a surprise to see another dramatic increase similar to one,” he said.
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