Why Dogecoin Rival Shiba Inu (SHIB) Gained Today

Shiba Inu SHIB/USD is trading higher by some 4.39% to $0.00001295 Tuesday evening, though off the day's high of $0.00001342. The price action during Tuesday's session is likely correlated and a sympathy play to rival crypto Dogecoin DOGE/USD. 

Per the Benzinga overnight newsdesk, the rise in Dogecoin followed a tweet from Elon Musk, where the CEO of Tesla shared a photo of a Shiba Inu dog wearing a Twitter-branded t-shirt.

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Our Benzinga team has also reported some analysts are predicting significant momentum ahead, which could see it cross the 50-cent mark.

Doge has been on the run-up since CEO Elon Musk took over Twitter. Nearly $140 million of the meme coin has been liquidated since then. $80 million has been liquidated from traders holding short positions.

Santiment noted that “social dominance” has been a primary indicator for DOGE as “crowd hype spikes have created local tops, and crowd fear foreshadowed bottoms.” The market intelligence platform noted in a tweet that DOGE-related discussions peaked at Saturday’s local top and that the meme coin is still “decoupled from markets.”...Read More