SHIB holds gains despite Elon Musk saying DOGE is the people’s crypto

Shiba Inu (SHIB), a Dogecoin (DOGE) offshoot, has, once again, made headlines after its bullish performance over the weekend. The canine-themed cryptocurrency surged past $0.00003 and traded higher than $0.00004, entering the top-15 list of leading cryptos by market capitalization. The coin has since held on to this position. 

According to CoinMarketCap, SHIB’s ascent started on Saturday, October 23, after opening trading at $0.00002793. The coin surged as high as $0.00003456 before facing a slight downward correction to close the day at $0.00003386. 

On Sunday, SHIB started trading at $0.00003388 before rising sharply to set an intraday high of $0.00004442. This daily high also represented the coin’s new all-time high (ATH) after clearing past its October 7 ATH of $0.00003502. This performance also saw SHIB’s market capitalization swell, making it the 11th-largest crypto momentarily.

However, SHIB suffered another blow that saw it plunge to close the day at $0.00003582. As a result, the coin slipped back to the 13th position.

Elon Musk triggered SHIB’s plunge

This selloff came after Elon Musk, the CEO of Tesla and SpaceX, picked DOGE as the people’s cryptocurrency and disclosed that he does not hold SHIB. 

He shared his sentiments through a tweet, saying,

“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”

When a SHIB fan asked him how much of the token he holds, Musk said none. 

Notably, Musk triggered SHIB’s previous rally, which saw the coin gain over 300% in a day. At the time, he tweeted a cryptic drawing of an animal resembling a dog and a soaring rocket. While the post was open to interpretation, SHIB surged, leaving DOGE in the dust.

Musk loses his grip over meme-themed coins 

With Musk kicking SHIB to the curb, the coin was set to plunge significantly. However, this has not been the case. After yesterday’s selloff, SHIB managed to bounce back today and traded as high as $0.00041 earlier today. 

At the time of writing, SHIB seems to have found support above the $0.000038 level and is changing hands at $0.00003824. 

Although SHIB’s current price depicts a 7.50% loss in 24 hours, the coin’s technical indicators are bullish. According to TradingView, SHIB’s Oscillators and Moving Averages in the one-day chart indicate a strong buying force. This buying force is also evident in the 26.09% rise in SHIB’s trading volume over the past 24 hours.

Meanwhile, DOGE has not had any substantial gains despite Musk’s support. After the billionaire’s tweet, the coin climbed to $0.2819 before falling back to $0.2638.

A strong community

SHIB’s ability to maintain most of its gains despite Musk’s negative tweet shows that the community behind it has built resilience against external forces aimed at devaluing the coin. The SHIB Army, which touts SHIB as DOGE’s killer, is trying to get Robinhood to list the coin. Over 310,000 HODLers have already signed the petition.

Robinhood also conducted a survey, asking its users if they purchased a range of cryptocurrencies over the past three months. Among the coins listed was SHIB, showing the American financial services firm might be considering listing the token. 

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