It’s a tale of two crypto coins: one of them is the biggest and oldest coin around, and the other is one of the smallest and most amusing altcoins of the newest digital age.
Jordan Lyanchev at Cryptopotato reports today that while Bitcoin has sunk below a critical psychological price point, a crypto coin called Shiba Inu is spiking.
“After last week’s all-time high at $67,000, Bitcoin started to retrace gradually and dipped below $60,000 several times in the following days,” Lyanchev writes. “Following the weekend’s drop, though, the situation changed, and BTC climbed to and above $63,000…. The inability to continue upwards … changed the tides. Bitcoin lost a few thousand dollars in the following hours and stood just above $61,000. However, it dumped by more than $3,000 minutes ago to its lower price level since October 15th at $58,000.”
Elsewhere, Lyanchev points to Shiba Inu as an outlier in a crypto bloodbath where most coins are seeing red in this market cycle.
“Shiba Inu has surged by another 20% in a day to above $0.00051,” Lyanchev reports. “Moreover, SHIB’s gains were well above 30% just hours ago – before the market-wide crash. Consequently, the meme token charted a new all-time high – again.”
In fact, SHIB charts show that the coin doubled in value in recent weeks, and then doubled again within the last few days.
What’s behind big increases in this obscure coin?
“Some of it could have to do with the overall cryptocurrency market surge this week,” wrote Michael Grothaus at Fast Company of the first SHIB doubling, reporting October 7. “But Bloomberg points out that SHIB’s surge could also be down to … Elon Musk. On October 4, Musk tweeted a picture of his dog Floki, which is a Shiba Inu. Whether SHIB traders saw that as a sign from the gods, who knows. But it does look like Musk has the power to move markets with seemingly random tweets.”
Regardless of how capricious changes in these altcoins might be, it’s important to keep an eye on the overall crypto landscape from day to day.
