Shiba Inu (SHIB-USD) might not be seeing steep upward momentum today, but the pupcoin favorite is staying in the spotlight. Already on a hot streak with several announcements and upgrades, SHIB has been at the forefront of speculative crypto investors’ minds lately. Now, the token is getting attention thanks to its loose connection to polarizing billionaire Elon Musk.
This morning, the SHIB crypto is continuing to trend across social media, with thousands of users fervently posting about the pupcoin. This extra attention comes alongside increased visibility for the entire class of pupcoins; peers Dogecoin (DOGE-USD) and Baby Doge Coin (BABYDOGE-USD) as well as jumpstart names like Volt Inu (VOLT-USD) are all hot topics across the internet today.
This is tied mostly to recent news regarding Tesla (NASDAQ:TSLA) CEO Elon Musk and Twitter (NYSE:TWTR). Yesterday marked the close of a suspenseful few days for the future of the platform. As InvestorPlace’s Chris MacDonald reports, Musk is now acquiring Twitter in a $54.20 per share buyout.
Investors have been anticipating this deal, for better or worse, ever since Musk first offered to buy the company. After his initial deal failed, Musk sought out additional financing. All in all, the CEO found $46.5 billion in funding to help secure the bid. After a brief pause in TWTR trading yesterday afternoon, the two parties reached a deal.
How Elon Musk’s Twitter Deal Is Boosting Shiba Inu
This news might seem tangential, especially if you are unfamiliar with the history between Elon Musk and dog-themed cryptos. Surprisingly, though, that history runs deep. Shiba Inu often benefits when any positive Musk news comes to light.
In early 2021, Elon Musk became an advocate for Dogecoin. Last spring, the billionaire tweeted numerous times about DOGE as its price surged to new highs. Meanwhile, crypto experts began to wise up to Musk’s influence over assets; data shows the CEO has even had an ability to send Bitcoin (BTC-USD) prices higher or lower with his tweets.
Of course, this influence extends to other cryptos as well. That much was apparent from Musk’s Saturday Night Live appearance, which ended up sending DOGE prices sinking. When other pupcoins started cropping up, they too began to move on Musk’s social media pumps.
Shiba Inu, the second-largest pupcoin, has also been gaining on Elon Musk’s Shiba Inu tweets since the summer of last year. When Musk tweeted about his own real life dog, the token was put on course toward an all-time high.
Of course, this fell apart when Musk admitted he didn’t actually own any SHIB. Regardless of his ownership status, though, Musk has proven to be highly effective at pumping Shiba Inu prices. And investors certainly won’t be mad as long as it results in gains. Now, with news of the Twitter acquisition, coins like SHIB and DOGE are posting higher trading volumes and trending across the social media landscape.
On the date of publication, Brenden Rearick did not hold (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.
