Crypto

Shiba Inu crypto explodes 60% in 24 hours! Thank you Elon Musk? By Investing.com

Investing.com – The cryptocurrency rally that began late last week continues as the market approaches $ 50,000, but there are some digital currencies that are benefiting more than others from this recovery phase.

In this regard, it should be noted that crypto has by far the best performance of the Top 100 at the time of writing this article, posting a gain of 64% in 24 hours and 104% in a week! Trading is intense, with the volume of trade during the last 24 hours almost matching the capitalization of the Shiba Inu.

This meteoric rise has allowed it to gain several places in the ranking of the most important cryptocurrencies, currently ranking 34 with a market capitalization of $ 5.69 billion.

As for the reasons for the increase, some have highlighted a tweet by Elon Musk posted on Sunday. In fact, the head of Tesla (NASDAQ :) posted a photo of his Chinese Shiba Inu breed on Sunday:

However, the Shiba Inu and cryptocurrencies containing the name “Floki” (the name of Elon Musk’s dog) showed very limited direct reaction to the tweet. In fact, most of the recent rise of the Shiba Inu started around noon in Europe yesterday, long after Elon Musk’s tweet was posted.

In the end, the true reasons for the Shiba Inu explosion since yesterday therefore remain unclear, and the abnormally high trade volumes should encourage caution, especially as short-term charts show that the Shiba Inu is crashing. with resistance just before the $ 0.0000150 threshold.

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