Why Dogecoin Rival Shiba Inu (SHIB) Is Up 16% Over The Past Week

Shiba Inu SHIB/USD is trading higher by some 16.10% to $0.00001151 over the trailing seven days. The timing of the push higher in the meme crypto appears to be highly correlated to Elon Musk's Twitter buyout, and is possibly a sympathy play to rival cryptocurrency Dogecoin DOGE/USD.

So What's Happening?

Traders and investors who are most familiar with Dogecoin know all too well how correlated the price action of the cryptocurrency is to celebrity influence, including but not limited to tweets from Elon Musk.

Per our Benzinga team, sentiment in Dogecoin is turning bullish following news Tesla CEO Elon Musk's deal to purchase Twitter will close Friday.

Musk, who is a Dogecoin bull, has hinted at making Dogecoin the default currency for a potential Twitter wallet.

Musk snapped Twitter for $44 billion in a deal finalized today. Musk plans to take over the role of Twitter CEO and reverse life bans, reported Bloomberg, citing a person familiar with the matter. He may remain CEO in the interim but is likely to give up the role in the longer term, as per the report.

Musk has terminated Twitter’s CEO Parag Agrawal and Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde, reported Reuters, citing people familiar with the matter...Read More

According to data from Benzinga Pro, Shiba Inu is otherwise lower by 85% over the trailing year amid a broader crypto market pullback.