(MENAFN- DailyFX)
Bitcoin, Shiba Inu, Dogecoin Talking Points:
- Elon Musk remains a key catalyst of crypto volatility, illustrated again over the past week
- Shiba Inu, the ‘Dogecoin killer’ slayed in blood bath
- falters but bounces back above $0.40
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The past 24 hours have been brutal for the realm after Tesla CEO Elon Musk announced the decision to suspend (BTC/ ) as an alternative payment method due to environmental concerns. As markets tumbled, and it’s mascot-turned-rival, Shiba Inu, plummeted, wiping out 226% of its recent fame that was gained over the weekend.
Shiba Inu (SHIBUSDT) Hourly Chart
Shiba Inu price chart created using
Over recent weeks, the crypto craze has seen a rapid surge in the demand for meme-based alt-coins after (self-proclaimed ‘Dogefather’) . The move was further exacerbated by Musk’s last weekend.
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However, within the first half of the show, Dogecoin’s price had plummeted a massive 39%, leaving DOGE enthusiasts devasted. Meanwhile, Shiba Inu (Dogecoin’s clone) took full advantage of this opportunity, which saw the so called ‘Dogecoin Killer’ surge a massive 2792% over a three day period.
Shiba Inu (SHIBUSDT) 15 Minute Chart
Shiba Inu price chart created using
Although alt coins have recovered slightly, speculation and crowd psychology remain the primary catalysts of price action and are known to produce more volatility for cryptocurrencies, especially as Elon Musk continues to play a critical proponent of the move.
--- Written by Tammy Da Costa, Market Writer for DailyFX.com
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