It seems even Elon Musk can’t shake the confidence of the world’s most persistent altcoin. Shiba Inu (CCC:SHIB-USD) is on an upward tear today, just hours after the Tesla (NASDAQ:TSLA) founder sent the token plummeting. Fans of the pup-themed cryptocurrency are rejoicing today as it proves its resilience, and SHIB prices regain the losses Musk’s comments incurred and then some.
Shiba Inu is taking the market by storm this month. While it had been gaining since August, it ramped up significantly in October, when it saw gains of over 200%. The token is being buoyed by a community of investors who prioritize buying the dip and never selling; as such, trading volume of the crypto is anywhere from $1 billion to $20 billion on a given day, even with a value of less than one-tenth of a penny.
SHIB Prices Quickly Rebound Toward All-Time Highs After Musk Tweets
The crypto is running into a bit of volatility today. Elon Musk, once seen as a sort of spokesperson for the pupcoins that his famous Shiba Inu tweets have spawned, sent SHIB values spiraling this morning. Musk finally decided to answer the community’s question of how much SHIB he owns, and Shiba Inu fans did not like the answer. He said that not only does he own none, he also voiced his reluctance toward the entire crypto class.
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
— Elon Musk (@elonmusk) October 24, 2021
Not one to be held down, the SHIB token is letting Elon Musk’s less-than-bullish comments bounce off of it like rubber. After Musk’s initial comments, the token dropped as much as 20% in value. However, it is drastically turning around its fortune in the afternoon.
Over the course of the day, SHIB recovered from the weekend low with gains totaling nearly 35%; after seeing the 20% losses, the token ended up erasing the losses and, in fact, posting gains of 15% at its highest. As it stands right now, SHIB prices are shaking off the Musk drama completely. The token is up over 45% on the last seven days.
Over $9 billion in SHIB is exchanging hands today as bulls work to regain the losses incurred this morning. SHIB prices rose from $0.000028 back to $0.000042 — just under its all-time high. The influx of buying is also providing Shiba Inu with enough market capitalization to reach another milestone; it is passing Uniswap (CCC:UNI-USD) in market cap, making it the 12th-largest cryptocurrency in the world.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.