Shiba InuSHIB/USD is trading higher by some 16.10% to $0.00001151over 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 Dogecoinknow all too well how correlated the price action of thecryptocurrencyis 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 Twitterwill close Friday.
Musk, who is a Dogecoin bull, has hinted at making Dogecoin the default currency for apotential Twitter wallet.
Musk snapped Twitter for $44 billionin a deal finalized today. Musk plans to take over the role of Twitter CEO and reverse life bans,reportedBloomberg, citing a person familiar with the matter. Hemay remain CEO in the interim but is likely to give up the role in the longer term, as per the report.
Musk has terminated Twitters CEOParag Agrawaland Chief Financial OfficerNed Segal, and legal affairs and policy chiefVijaya Gadde,reportedReuters, 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.
