The Shiba Inu price is not having a good day. The SHIB token is trading at $0.000037, which was about 17% below its highest level during the weekend. At the same time, the Dogecoin price has risen by more than 5% in the past 24 hours, bringing its total market capitalization to more than $34 billion.
Elon Musk comments on Dogecoin and Shiba Inu
Elon Musk is the world’s richest man with a net worth of more than $252 billion. He is even worth more than Jeff Bezos by more than $60 billion. His net worth is more than that of Warren Buffett and Bill Gates, combined.
Therefore, he is one of the most admired people in the world, especially among the young people. They admire the success that he has had building companies like PayPal, Tesla, and SpaceX.
As such, his tweets and statements tend to have a major role in stocks and cryptocurrencies. For example, his endorsement of Dogecoin has made it a relatively popular cryptocurrency in the world. It has also become one of the biggest cryptocurrencies in the world.
Recently, Musk excited meme coin investors when he sent a tweet about his puppy. Crypto investors believed that the tweet was a cryptic way of saying that he was long Shiba Inu. SHIB is a meme coin that was developed to take on DOGE.
However, in a tweet on Sunday, Musk revealed that he had not invested in Shiba Inu. Instead, he said that he had invested in just Ethereum, Dogecoin, and Bitcoin. This explains why the Dogecoin price has jumped today.
Dogecoin price prediction
On the four-hour chart, we see that the SHIB price jumped to a key resistance level at $0.000045. It then erased some of those gains after the tweet by Elon Musk. By so doing, the coin managed to move below the key support level at $0.000037, which was the highest level this month. It is also being supported by the 25-day and 50-day moving averages. Therefore, the coin will likely rebound as retail traders jump in. This view is in line with my previous Shiba Inu price prediction.
If you want to invest in SHIB, you might be interested in automated cryptocurrency trading robots such as Bitcoin Profit, Bitcoin Revolution and Bitcoin Trader.
