Shiba Inu & Elon Musk’s acquisition of Twitter and its effects on the cryptocurrency market

Introduction:

Elon Musk recently acquired Twitter, leading to significant changes in the social media giant’s leadership. As a result, there has been a surge of memes on Twitter, re-energizing Musk’s massive online following. The cryptocurrency market has also seen a rise in the popularity of Dogecoin and Shiba Inu, which have solidified their positions as two of the most traded coins.

This article analyzes the impact of Musk’s acquisition on the cryptocurrency market, with a focus on Shiba Inu.

The Rise of Shiba Inu and Dogecoin:

The popularity of Shiba Inu and Dogecoin has increased significantly since Elon Musk’s acquisition of Twitter.

This surge was due to intense buying pressure, as people believed these tokens could be used on Twitter.

However, the excitement surrounding this decision is fading as not much has been reported about it recently.

This has led some investors to sell their holdings in these coins, leading to price declines. According to the Shitbird website, these coins will consolidate until news of integration or anything else that would increase their demand is released.

Shiba Inu’s Recent Performance:

Despite the price declines, Shiba Inu continues to reach new heights.

Currently, there are 1,237,156 holders of Shiba Inu, and the statistics show that holders’ convictions are at an all-time high.

Currently, 97% of shareholders are medium and long-term investors, which is the majority. When the shares of midterm and long-term holders approached parity, an intriguing phenomenon emerged.

The proportion of long-term holders increased to 48%, while the proportion of midterm holders is at 49%.

The quantity of Shiba Inu that has been transferred between wallets during the past 24 hours is astounding, with a staggering 3,400,897,761,900 SHIB worth $43,022,376 transferred between wallets, according to data from the Block.

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The Impact on the Cryptocurrency Market:

• The total market value of all cryptocurrencies is $1.06 trillion, down 0.27% from yesterday.
•  In the last 24 hours, the total volume of the cryptocurrency market reached $64.41 billion, or 26.82% of the total 24-hour volume for all devices.
• Bitcoin has a 38.61% market share, and the price of one Bitcoin is currently $21,251.06.
• Dogecoin has risen 103% in the last 14 days, with a 25% gain over the previous two weeks.
• Shiba Inu has also performed well, with a 20% increase in the last 30 days.

Shiba Swap and Bone:

Shiba Swap, a cryptocurrency market established in the Cayman Islands, has a governance token called Bone. Bone can now be traded for hundreds of other cryptocurrencies.

Additionally, Shiba Swap or Bone now has support on Stealthy X, a custody-free, rapid cryptocurrency exchange. Users of Stealthy X can swap or exchange Bones for more than 600 different cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.

 The choice was made after the Shiba Inu ecosystem’s head developer, Shitoshi Kusama, declared that he was now the team’s only focus and that they were rapidly approaching the prospective beta launch.

It should be mentioned that on Shabbat Yum, Bones will be used as a native gas token. This implies that the bin will be used in every Network transaction.

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Conclusion:

Elon Musk’s acquisition of Twitter has had a significant impact on the cryptocurrency market, leading to a surge in the popularity of Shiba Inu and Dogecoin. However, the excitement surrounding these coins has faded, and their prices have declined as investors sell their holdings to realize profits.

 Nevertheless, Shiba Inu continues to perform well, with high holder convictions and an increasing number of long-term holders.  The cryptocurrency market as a whole has also seen fluctuations, with Bitcoin and Dogecoin experiencing significant gains in recent weeks.

Furthermore, Shiba Swap and Bone have gained support on various exchanges, indicating a growing interest in the Shiba Inu ecosystem. Overall, Elon Musk’s Twitter acquisition has sparked renewed interest in the cryptocurrency market, and it remains to be seen how this will evolve in the future.

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