Shiba Inu and Luna are both soaring this week. In the past 24 hours, Luna has gone up over 12% and is currently trading at $48.63. On the other hand, Shiba Inu is up 25% and is trading at $0.00001096.
The rest of the crypto market is slowly recovering from the weekend lows. Bitcoin is trading at $49,179.69, which is 0.43% higher than yesterday, and 13.92% from a week ago. Ethereum, on the other hand, is trading at $3,408.40. The value is 1.84% down from yesterday but 13% higher from a week ago.
Shiba Jumps 25% in One Day
The dogecoin spinoff known as Shiba Inu leapt 30% after Tesla CEO Elon Musk tweeted another photo of his pup late Sunday.
Musk’s dog, called Floki, is a Shiba Inu. It is where the concept of dogecoin came from as a joke. On Sept. 12, Musk first tweeted a photo of his Shiba in, saying, “Floki has arrived.”
The latest tweet triggered the hashtag #SHIB to begin trending on Twitter as retail investors cheered the price surge. The Shiba Inu coin, which was founded in August 2020 as an Ethereum-based alternative to dogecoin. There were also comments on 4chan on Monday that caused a spike in price, as information from TopStonks.com reveals.
On Twitter, lots of people noted that the coin erased a zero from its decimal. However, the currency is still worth much less than a cent despite the jump, which took it to 0.00001090 cents. In the previous year, the Shiba Inu coin has surged about 8,000% in a year, according to information from Coinbase.
Luna is Also Soaring
Luna’s price is also rising, as seen from Coinmarket data. Terra protocol’s LUNA token broke below the 20-day EMA ($35.02) on Sept. 28. However, the bears could not capitalize on this breakdown. The bulls bought at lower levels and pushed the price back over the 20-day EMA on Sept. 30.
The much-anticipated Columbus-5 update went live on Sept. 30. Since then, the Terra Luna network has emerged as one of the most affordable blockchain scaling solutions (Layer 1). It increases the variety of transactions and improves the functionality of programmable contracts (smart agreements).
After the upgrade, there has been a noteworthy uptick in tasks on Terra Bridge. It works to allow users to send out or receive assets throughout various blockchains.
Investors Looking For Greener Pastures
Retail investors have been diving into altcoins such as dogecoin and Shiba Inu. The reason being that the extreme price swings often bring big payoffs, unlike more established coins such as ether and bitcoin.
The “Elon Musk Effect” was a key driver in remarkable cryptocurrency price swings this year. However, his influence over the crypto market was waning some. Others, consisting of billionaire investor Note Cuban and AMC CEO Adam Aron, have stepped into proceeding to hype dogecoin.
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