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Elon Musk , the CEO of Tesla, has a habit of using tweets to influence cryptocurrency markets. Musk’s tweet featuring a bunny-like figure with a rocket in his hand sent this week to the dog pack.
Twitter’s Delta Investment Tracker noted that “@elonmusk’s recent cryptic Tweet was misinterpreted by many as #SHIB/#DOGE to the Moon”. This resulted in a 5% increase for SHIB and a sudden 12% price rise for DOGE em>
Dogelon Mars (ELON), a cryptocurrency based on Elon Musk and his love of space travel, was up 54.46% over the past 24 hours to a price of $0.0000003906. ELON has seen a remarkable rally since October’s beginning. ELON’s stock price has risen by more than 627% in October since September, when it overcame a double bullish pennant.
According to CoinMarketCap, other Dog-themed coins like Doge Dash (+147.08%) and Baby FLOKI (+314.36%) saw significant gains in the past 24 hours. The tweet by Tesla CEO might have caused the price of Dog-themed tokens to soar, but bunny-related crypto or “rabbit crypto” appears to have received attention as well.
According to data from coinmarketcap, MoonRabbit (MOON RABIT, +803%), is the highest gainer of the day. MoonRabbit, a platform that uses passive staking mechanisms, allows users to simply hold MoonRabbit and start receiving passive dividends.
Rabbit finance (RABBIT), another token with a rabbit theme, was up 156.25% at press time. Notable Altcoin gains include a 25 percent rally in the price Stacks (STX), which set a new record at $2.84, and a nearly 100% jump in the Livepeer price (LPT), to an intraday peak of $38.75.
Livepeer, a blockchain-based decentralized streaming platform for live streaming, is available. Livepeer’s (LPT), recent price explosion may be due to increased adoption of Web3 protocol. Data aggregator Messari noted that “Several Web3 protocols have been gaining acceptance”. These protocols generate revenue based upon network usage, which is a clear indicator of growing demand “
What do Analysts Think?
Santiment’s on-chain analytics has detected that whale transactions in lots may have fuelled Shiba Inu’s recent price rise. However, if this trend continues, Santiment expects further increases.
“#ShibaInu is back at $0.00002885, while #Bitcoin is in the spotlight and close to its new #AllTimeHigh. Keep an eye out for $SHIB’s whale transactions exceeding 100k. These transactions are often in large numbers, so price increases will generally follow.”
Bitcoin has not only maintained its bullish trend but also has achieved its highest weekly close of $61,500. ProShares will launch a Bitcoin futures exchange traded fund (ETF) on Tuesday.
Analysts say volatility is almost certain as the market prepares for possible trading of the first Bitcoin exchange-traded funds in the United States (ETF).
In the coming weeks, several Bitcoin futures-based exchange traded funds (ETFs) will be available in the U.S. Ilan Solot is a global market strategist at Brown Brothers Harriman. He believes that these products could spark renewed interest in the “cash-and-carry” arbitrage strategy. This would in turn bring more buying pressure on the spot market.
Bitcoin was trading at $61,939 at press time