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Tesla Inc CEO Elon Musk's recent tweet has resulted in the sharp rise of Shiba Inu, rising as much as 22%. At the time of writing, SHIB/USDT is trading at around $0.002751, up by over 7% in the past 24 hours alone.
Shiba Inu Spikes Up After Elon Musk's Tweet
The price of Shiba Inu shot up as much as 22% after a tweet from Tesla CEO Musk from what looks like the meme coin's mascot holding a rocket, slang in the crypto world for "to the moon." The exclamation is used when cryptocurrency prices are rising off the charts.
His tweet has also driven a surge in another memecoin, Floki Inu. After posting this tweet, Musk added another one in which he states, “I’ve thought about and … I’m not sorry for party rockin.”
Many supporters of SHIB have taken this as a sign that Musk is turning his focus towards this memecoin, the same way he has done with Dogecoin earlier this year.
The increased promotion by Musk is crucial to sustaining engagement and adoption of such meme tokens and is currently the biggest factor driving the bullish moves in Shiba Inu.
Whales Taking Interest in SHIB
Shiba Inu token has continued to draw the attention of both beginner and veteran crypto investors and enthusiasts as the recent price spike made the SHIB the new king of the meme coins. Reportedly, in the first week of October, an anonymous whale decided to buy almost 6.3 trillion SHIB in over 2 days and the coin’s price shot up.
As per reports, a massive wallet identified as an ETH whale spent almost $1.2 million and bought 49.9 billion SHIB tokens. Shiba Inu’s price may have plunged after a massive rally to the top but whales had their eyes on the coin as they accumulated the Dogecoin-killer throughout the dip.