Shiba Inu (CRYPTO: SHIB) is trading higher by 3.5% to $0.00003123 Thursday. Shares of several altcoins gained Thursday amid strength in Bitcoin as the apex crypto trades past the $70,000-level.
Also noteworthy, Elon Musk’s payment company obtaining licenses in three more states has fueled optimism in the Dogecoin community, leading to a 15% surge in Dogecoin’s price within 24 hours and a doubling in trading volume. This surge has propelled Dogecoin’s market capitalization to over $30 billion, a level not seen in over two years.
See Also: Bitcoin Surpasses $70,000 Mark As Halving Looms: Trader Sees BTC ‘Less Than 4% From A Huge Breakout’
Why This Matters To SHIB Investors
Both Shiba Inu and Dogecoin belong to the category of meme coins and have overlapping communities. When positive news about Dogecoin, such as Elon Musk’s payment company developments, spreads, it can spark enthusiasm within the broader meme coin community. This enthusiasm might lead investors to explore other similar assets like Shiba Inu, anticipating similar bullish movements.
Positive news surrounding Dogecoin, particularly when it involves high-profile figures like Elon Musk, tends to attract significant media attention and hype. This increased visibility can draw new investors into the cryptocurrency market, some of whom may choose to invest in Shiba Inu based on its perceived similarities to Dogecoin.
See Also: Dogecoin Spikes 15% Ahead Of Doge Day, As Whale Transactions Surge
What Else Is Going On With Crypto?
On March 27, Bitcoin spot ETFs saw a significant influx of $243 million in investments. This coincides with preparations for the Benzinga Future of Digital Assets conference on Nov. 19. BlackRock's iShares Bitcoin Trust experienced a notable single-day inflow of $323 million, reflecting increasing confidence in Bitcoin.
This follows BlackRock CEO Larry Fink's positive outlook on Bitcoin, hinting at a changing attitude towards cryptocurrencies in traditional finance…Read More
