The crypto market is thriving, and a single tweet by Tesla CEO Elon Musk has helped cryptocurrency move “to the moon.” This phrase is used when the digital currency prices are shooting up.
Elon has proven the power of one tweet.
He posted a text art photo of a Japanese dog, Shiba Inu, with a rocket ship. In the cryptocurrency world, the rocket ship represents “to the moon.” After ten minutes of this tweet, Shiba Inu tokens were selling 14% higher.
This is the second tweet by Musk this month that precedes a rally in Shiba Inu or the SHIB token.
The founder of Shiba Inu Coin
Shiba was founded by an anonymous person named Roshi last year. The coin started as comic crypto inspired by the doge meme.
Shiba experienced its first significant price increase in May of this year, hitting $0.000037, before plummeting again.
Bitcoin is also on the upswing.
The price of bitcoin hit $62,961 on 19th October. Its highest price was $64,683 in April.
2021 has been a rough one for bitcoin, with the prices falling in May after Musk announced that his company (Telsa) would no longer accept bitcoin payments. He made this move because of environmental concerns, such as the use of fossil fuels for bitcoin mining and transactions.
The crackdowns on digital currencies in China have also had a significant effect on the crypto market.
This week, however, reports that the Securities and Exchange Commission (SEC) is planning to allow bitcoin futures exchange-traded funds triggered a crypto surge across the board.
According to Bloomberg, the SEC is approving the first US bitcoin futures ETF to sell today.
Forbes reported that cryptocurrency investors are anticipating a robust rally before the end of this year.
Nick Spanos from Bitcoin Center NYC stated that ethereum, bitcoin, and the crypto market at large might have a ludicrously strong Q4. He also predicted that the market would reach all-time highs by 2022.
Investors are closely watching tweets by Elon Musk. This week, his fortune rose, and he is now the wealthiest person in the world with an estimated wealth of $230 billion. He is a significant influencer in the crypto space, and he supported Dogecoin’s mainstream entry a few years ago, granting him the title “DogeFather”.
Contributors
