Shiba Inu SHIB price saw another impressive recovery on Monday, as Elon Musk tweeted dog text art and whale transactions stacked up.
Is another dramatic spike, similar to the one in May, in the stars for the Dogecoin killer?
This week shows that retail fervor is returning to the market, which could bode well for price action across the entire space in Q4. It could be an explosive end to 2021, according to Ryan Wilkinson, co-founder of athlete NFT platform Blockasset.co.
While Bitcoin BTC started the week trading above $62,000, approaching its ATH, Elon Musk once again blessed the dog-meme crypto pack with his tweets.
Tesla CEO s ability to jump cryptos with his tweets is reminiscent of a dog agility show.
In these competitions, a handler, whose authority is limited to voice and body signals, navigates the dog through a complex obstacle course while racing against time.
On Monday, Musk tweeted a text art image of a pup with a rocket ship.
I ve thought about and I m not sorry for party rocking, he followed up. Despite Musk s text art remaining open to interpretation, his tweet drove SHIB s price up 21%.
Meanwhile, Santiment detected an increase in Shiba Inu whale transactions over $100,000.
The crypto market intelligence platform tweeted on Monday morning that when these transactions come in bunches, price rises generally follow. Branded as a Dogecoin killer, Shiba Inu SHIB launched last year as a Dogecoin DOGE spinoff token ready to capitalize on the meme coin hype. Since, SHIB has won over an army of retail investors, with currently more than 742,500 holding the coin.
In line with early October s crypto hysteria, spurred by Elon Musk s tweets, SHIB s price gained 250% over the course of three days.
Meanwhile, the project's NFT collection consisting of 10,000 lovable creatures, called Shiboshis, sold out in 35 minutes.
This year s events from GameStop to Dogecoin have shown us that younger investors are happy to invest in a meme and they re interested in having fun when they invest, Wilkinson pointed out.
While commenting on SHIB s recent price performance, he argued that the October rally was helped in no small part by a coveted Coinbase listing last month. The Coinbase listing in September ensured SHIB s exposure to a big retail market as ShibArmy, the community behind the self-proclaimed Dogecoin killer, continued growth in both numbers and strength.
The Dogecoin clone is yet to reach the highs it hit in May when dog tokens collectively spiked, Wilkinson continued, noting that data from Santiment suggests that crowd hype could have played a major role in SHIB's success.
Mentions of SHIB and Shiba Inu surged around the time it started to run. Moreover, several TikTok influencers with large followings have shared price targets for the coin, giving it further exposure to Gen Z investors, he said, concluding that it wouldn t be a surprise to see another dramatic spike similar to the one in May.