The Shiba Inu coin was up this weekend due to, I’m not absolutely sure, memes:
Shiba Inu soared to record highs over the weekend to become the 11th-biggest cryptocurrency by market value.
SHIB, as it’s known, was up 50% in the 24 hours through 10:10 a.m. New York time on Sunday, according to pricing from CoinGecko.com, and reached a record earlier in the day. …
“Memes have value and have been an investable thesis in 2021,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, said in an email last Sunday. “Lower dollar-price tokens are attractive to retail” because investors can still buy more than 20,000 SHIB for $1.
“With such memecoins it’s hard to speculate on the actual reasons for the price movements, in all honesty,” Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno Pte., said in a message Sunday. But “there are some interesting communities being built around them.”
But then it was down today due to Elon Musk not owning any of it, not that there was any particular reason to think he owned any of it:
Musk, who has reportedly touted Dogecoin on social media and frequently commented on cryptocurrencies more broadly, responded to a query from a Twitter user asking how much Shiba Inu he holds with, “None.” In a follow-up tweet, he said he has bought Bitcoin, Ether and Dogecoin, and “that’s it.”
As of 9:30 a.m. on Monday, SHIB, as the crypto is known, was down 15% from it’s all-time high reached on Sunday Hong Kong time, according to pricing from CoinGecko.com. The token – centered around a breed of Japanese hunting dogs – has risen more than 400% in the past 30 days to be the 11th-largest by value.
So… Elon Musk likes Doge but not Shiba Inu. And this info wrecked the Japanese dog. Funny how one person’s dog breed preference can have millions or billions of dollar influence on the market.