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The crypto market is presently holding onto its crucial levels, despite the majority of the assets losing out on single-digit gains. The market capitalization of the broader market is presently down 2.79% over the day at $900.21 B. However, one of the few to have outrun the industry standards is Shiba Inu's SHIB.
Successively, the meme coin Shiba Inu has posed an astounding growth over the last 24 hours. The double-digit spike has been overwhelming for the community. This comes in light of initiatives such as liquidity injection, and burns. An addition to Shiba Inu's feathers comes following the acceptance of the luxury brand Hublot. Which holds the potential to bring in new investors. The meme coin Shiba Inu is now the talk of the crypto town for its heroic comeback on the charts. The canine coin SHIB had managed to gulp up another zero, with gains of over 30%. SHIB price is presently changing hands at $0.000009566 with gains of 15.41%. Netizens are contemplating the growth to be driven by the injection of liquidity and burn initiatives.
Although subjective, token burns have been rising more than ever before. Consequently, a single user is known to have burnt close to 2 Billion SHIB, since the November of 2021. Moreover, giants like Johnson's store and Amazon have collectively set ablaze more than 70 Million SHIB tokens. In contrast, in a boast-worthy feat, Shiba Inu sees acceptance by Swiss luxury watchmaker Hublot. In a public statement, Hublot cites that its latest series of 200-limited-edition watches are now available for online purchase using cryptocurrencies, through BitPay. That said, the payments are limited to customers from the U.S.
Currently, crypto marketers are wishful of the run compounding into the one like 2021, when SHIB had posed an extravagant rally. With an increasing number of luxury brands accepting SHIB, the meme coin could draw in newer investors. Who could help escalate the price during bull runs or help keep the prices afloat during a bear season? Meaning it is a win-win situation for the digital asset.
Elon Musk has continued to voice his support for Shiba-Inu-themed cryptocurrencies despite the recent lawsuit filed against him and his companies, Tesla and SpaceX. Shiba Inu price started an uptrend, recovering from the slump in the meme coin's price. Elon Musk, the billionaire CEO of Tesla, recently voiced his support for the Shiba-Inu-themed cryptocurrency Dogecoin. At the Qatar Economic Forum in Doha, Musk spoke about the reason he supports Dogecoin.
The Qatar Economic Forum is a key event that convenes some of the world's most influential financial and economic thinkers and policymakers. Musk's support for the Shiba-Inu-themed meme coin, therefore, had a significant impact on both Dogecoin and Shiba Inu holders. Musk told Bloomberg in an interview, "I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I'm responding to those people." Furthermore, Musk told the interviewers that employees at SpaceX and Tesla have asked him to champion the cause for Dogecoin and this is the reason he continues to support the asset. Musk said, Crypto analysts at Investing Cube evaluated the SHIB price chart and noted a clear breakout of the downtrend. A sudden increase in volume backed the uptrend, and it further validated such Shiba Inu breakout. These analysts believe bulls could target $0.00001200 and $0.00001585 in the short term.
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