The Shiba Inu price has become the most-talked-about cryptocurrency in the past 24 hours. The SHIB price has jumped by more than 56% in the past 24 hours, bringing its total market capitalisation to more than $5.2 billion. It is the 34th biggest cryptocurrency in the world. It sits between Hedera Hashgraph and Monero.
Why SHIB price jumped
The Shiba Inu price rocketed higher after Elon Musk tweeted about the cryptocurrency. He sent a tweet of his dog, which is known as Floki. The floki is the namesake of the Shiba Inu.
This tweet pushed the term SHIB to trend in social media platforms like Twitter and StockTwits. Some users assumed that the tweet was an indication that Elon Musk had decided to invest in Shiba Inu.
Still, there are concerns about whether the Elon Musk support will be sustainable in the long term. Historically, he has expressed his support for Dogecoin, a cryptocurrency that has fallen out of favour recently. Also, the Shiba Inu price remains 85% below its all-time high and the are concerns that its price will retreat as the recent buyers rush to take profits.
Shiba Inu price prediction
The hourly chart shows that the Shiba Inu price has been in a tight range recently. This changed on Monday after the positive tweet by Elon Musk, the richest man on earth.
The token is currently trading at $0.000013, which is a few pips below this week’s high of $0.000015. It is being supported by the 25-period and 50-period exponential moving averages (EMA).
Also, it seems to be forming a bullish pennant pattern that is usually a bullish sign.
Therefore, while the bullish trend may continue in the coming days, there is a likelihood that the price will break out lower in the longer term as it moves to a distribution zone.