Doge-like coin once again brings the dog-themed coins back on the charts as SHIB is now the second most talked about cryptocurrency on Twitter, even beating Ethereum. Could this be a sign that the cryptocurrency is now bullish, or is everything just hype?
SHIB is Now the 2nd Most Talked About Cryptocurrency on Twitter
As of the moment, there has been a lot of talk regarding SHIB, and opinions have been divided. While there are traders and investors that seem bullish on SHIB and plan to HODL it, certain leverage traders are taking advantage of potential corrections that could happen to Shiba Inu.
According to the story by CoinTrendz.com on Twitter, among the top 10 cryptocurrencies, SHIB has been mentioned 164 times during the hour before the post. This comes only second to Bitcoin that has been mentioned a total of 239 times.
SHIB Beats Ethereum in Twitter Talks
The third most popular cryptocurrency on Twitter during the period was Ethereum which was mentioned a total of 151 times. According to an article by Deseret, the question as to whether or not the SHIB cryptocurrency did crash has been answered.
The article references a Benzinga report that SHIB had actually dropped by 30% during a whole 24-hour period that reportedly ended on October 8, 2021. The crash reportedly came after massive gains over the week and even despite the increased social media discussion around the coin during the period.
SHIB Surpassed Litecoin and AVAX
The article notes that after the massive rise that took place, a dip when it came to the coin's value was actually "expected to happen." Another interesting angle is why did cryptocurrency rise in the first place. Aside from DOGE, Cardano is also another cryptocurrency that has been gaining a lot of attention and has even been referred to as an "Ethereum killer" but this has still to be proven.
It was noted that SHIB took a massive bullish jump that gave it a 70% boost while even surpassing Litecoin and Avalanche's AVAX, becoming the 12th largest cryptocurrency in the whole world, according to Bloomberg. Some of the coin's success has actually been tied directly to a "mysterious whale" who notably bought up "massive amounts of SHIB" as per Yahoo Finance.
Elon Musk Tweets #SHIB
The article notes that whales usually invest a lot into a certain asset which would increase the rarity as well as the value of a certain individual item. SHIB, which previously had a massive spike in spring 2021 before the said dip, jumped again in value. A lot of news about SHIB is going on, equating it to the next DOGE. Could SHIB really be the next DOGE?
The jump was yet again attributed to Elon Musk's tweet of a dog's picture. The dog was a Shiba Inu breed which was named Floki and came with a #SHIB hashtag which then started trending, and the hype started going around for the supposed coin.
Aside from the tweet by Elon Musk, another attribute to the rise was notably Coinbase's addition of the SHIB cryptocurrency coin to its app. This would allow even more people to invest in the said crypto asset.
This article is owned by Tech Times
Written by Urian B.