Shiba Inu on Course to Follow Dogecoin Rally Despite Musk's Twitter Purchasing

Data from Santiment suggests that Shiba Inu is starting to gain traction after demonstrating strength in its Bitcoin pair (SHIB/BTC).

“Whatever side of the fence you are on with meme coins like DOGE and SHIBA, there is no denying that they have had their pump moments. Shiba Inu has historically followed Dogecoin pumps. Watch trading volume on our chart,” tweeted by Santiment.

With a rise of 50.34% over the previous day, Dogecoin is currently the highest gainer among the major coins. Additionally, over the last week, Dogecoin's value increased by 131.23%. The issue was covered by Blockchain.News on Sunday.

Shiba Inus are also functioning reasonably effectively at this time. Shiba Inu's price, which at the time of publication was $0.000012 USD, had increased 17% in the previous day, making it, after Dogecoin, the coin with the second-fastest rate of growth among the top 20 cryptocurrencies. Shiba Inu's pricing performance over the previous week has been outstanding, rising by 24%. With a live market cap of $6,526,276,821 USD, CoinMarketCap now ranks 13th.

The two meme coins had the biggest increases, in part because of Elon Musk's most current efforts regarding the Twitter purchase and in part because of market momentum. As of Thursday, the market cap of all cryptocurrencies had surpassed the $1 trillion threshold.

Shiba Inu has witnessed its highest portion of long-term holders, according to the aforementioned data, marking a new record. A fresh record-high of 42% traders are currently “holding” Shiba Inu for the long haul. The majority of Shiba Inu owners, according to the data, are bullish.

After hearing about Elon Musk's purchase of Twitter (TWTR), DOGE and SHIB reacted, with DOGE maintaining its current price of $0.10 and SHIB aiming to return to $0.000020. Investors anticipate that Elon Musk will promote the usage of DOGE and SHIB for Twitter platform payments.

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