Shiba Inu (SHIB) Surges 17%: Musk's Dogecoin Spillover, Lead Developer Buzz And More Factors

Shiba Inu (SHIB) shot up 17.3% over 24 hours to $0.0000096 at press time in the early hours of Wednesday morning. 

It gained alongside well-known meme coins including bellwether Dogecoin DOGE/USD, which was up 6.1%. The global cryptocurrency market cap declined 0.9%.

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The SHIB Factors

• SHIB was among the most mentioned coins on Twitter at press time, according to Cointrendz. The three most mentioned coins were Bitcoin, Ethereum, and Cardano
• SHIB also trended among retail investors on Stocktwits at press time. The meme coin was also seen trending on CoinGecko
• The 24-hour trading volume for SHIB rose a whopping 615.7% to $1.7 billion, according to data from CoinMarketCap
• Coinglass data indicates that $5.44 million worth of SHIB were liquidated over 24 hours as the price of the Ethereum-based token spiked

Buzz Building Around Development

SHIB lead developer Shytoshi Kusama said in a recent tweet that “things are moving quite well on all fronts.” 

“Over the next few weeks, you will begin to see the things we've been working on come to fruition at, what looks to be, when Shib (and the world) needs it most.”

The Burn Effect? 

Shibburn.com noted that over the past 24 hours a total of 580.64 million SHIB tokens were burned over 51 transactions. 

Musk Spillover 

SHIB’s rise is taking place in parallel with Dogecoin. On Tuesday, Tesla Inc TSLA CEO Elon Musk reiterated support for DOGE.

“Tesla accepts DOGE for some merchandise and SpaceX will do the same and I intend to personally support Dogecoin," said Musk at the Qatar Economic Forum in Doha.

SHIB On The Web

The rise in SHIB prices did not go unnoticed on cryptocurrency Twitter, where its supporters shared memes.

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