Shiba Inu Continues To Hold Gains While Market Plummets

Shiba has piggybacked on the recent meme coin surge to keep 13% gains last week. The entire meme coin category enjoyed an upswing in the last seven days thanks to Elon Musk’s Twitter takeover. The main attention was on Dogecoin due to speculations of the billionaire adding it as a payment option on the social media platform. However, the Shiba army saw it as an opportunity to push their token to the green zone. October 28 saw Shiba Inu break out of its bullish pennant structure, attracting fresh buyers. This bullish volatile break propelled Shiba towards its high liquidity zone at the Point of Control (POC) in the $0.00001204-area. The breakout has also helped the token register substantial gains on the day. At press time, Shiba is trading at $0.00001204. Related Reading: Bitcoin Bullish Signal: Whales With 1k-10k BTC Have Been Accumulating Shiba’s Relationship With Dogecoin The value of Shiba Inu has often increased simultaneously with that of Dogecoin. Unless there is a sudden shift in the price of meme coins, this pattern will likely persist, at least temporarily. On Halloween, Musk posted a photo of a Shiba Inu dog wearing a Twitter outfit and holding a Twitter pumpkin. He then added a wink emoji as a caption. As expected, the value of Musk’s favorite cryptocurrency, Dogecoin, increased, pulling Shiba Inu along. In the minutes following his post, DOGE decreased by 3.02%. Shiba Inu also saw a significant increase, but...