on the crypto
Shiba Inu is among the most beloved of meme coins right now, and is extending its rally in the wake of growing interest in the coin among whales or large holders. At the time of writing, SHIB / USDT is trading at around $ 0,000030, up more than 8% in the past 24 hours alone.
One of the biggest drivers of cryptocurrency that started out as a meme is the market sentiment towards the leader (Bitcoin) and cryptocurrencies in general. Bitcoin which crossed the $ 60.000 mark and traded higher in anticipation of Bitcoin ETFs gaining regulatory approval in the US soon, the Shiba Inu meme coin is also enjoying support and interest among buyers, with a trend. higher.
What did Musk tweet to push Shiba Inu higher?
After some weak trading and seemingly losing interest among cryptocurrency investors for several weeks, the focus recently turned back to Shiba Inu after Tesla CEO tweeted a photo of his dog Floki. The proclaimed Dogefather did so again by tweeting an image of a Shiba Inu dog holding a rocket, indicating his interest in taking SHIB's price "to the moon." His tweet also led to a surge of another meme coin, Floki Inu.
After posting this tweet, Musk added another in which he states: "I've thought about it and ... I'm not sorry for the party rock". Many SHIB supporters have taken this as a sign that Musk is turning his attention to this meme coin, in the same way he did with Dogecoin earlier this year. The increase in promotion by a celebrity influencer like Musk is critical to supporting the engagement and adoption of such meme tokens, and is currently the biggest factor driving bullish moves in Shiba Inu.
Shiba Inu will bring NFTs soon
However, there is a lot more to it than just sentiment and influencer trends that have been increasing interest in the SHIB token lately. Cryptocurrency investors have turned their attention again since the token's developers announced an NFT sale scheduled for this week. The Shiba Inu themed NFT collection called “Shiboshis” will be selling 10.000 NFTs that can be purchased using LEASH tokens and then using a combination of LEASH and ETH via the ShiboshiSwap website. These NFTs can then be transferred and traded on other markets, including OpenSea. The move will stimulate on-chain activity and maintain the supported SHIB value in the short term.
Investor interest in the meme coin is likely to be spurred by the news that an ETH whale spent nearly $ 1,2 million to purchase nearly $ 50 billion in SHIB tokens. The high-value transaction indicates a surge in interest in the cryptocurrency and could soon blow its price to the higher side.
SHIB / USDT technical analysis
On the 4-hour chart of SHIB / USDT, the moving averages and MACD suggest a strong bullish bias. However, the momentum indicator also indicates some selling interest.
La quotation of Shiba Inu is holding just above the pivot point at $ 0,000027 and could very well break out of the $ 0,000030 level soon in the wake of strong buying interest. Once this happens, pay attention to the immediate resistance coming in at $ 0,000032 which could create some challenge for the buyers.
