Tesla CEO, Elon Musk has a practice of influencing the cryptocurrency markets through his tweets. This week the dog pack is once again on the run after Musk sent out a tweet with a bunny-like figure holding a rocket.
Twitter’s delta Investment Tracker notes ”@elonmusk’s recent cryptic tweet was interpreted as #SHIB or #DOGE to the moon by many. Resulting in a 5% gain for SHIB & a sudden 12% price increase for DOGE”.
In line with this, Dogelon Mars (ELON), a coin based on Elon Musk, and his love for space travel were up 54.46% in the last 24 hours at a recent price of $0.0000003906. ELON has been on an impressive rally since the beginning of October. ELON’s price has ticked higher by more than 627% since late September as it resolved a double bullish pennant.
Other Dog themed coins such as Doge Dash (DOGE DASH, +147.08%), Baby Floki (BABY FLOKI, +314.36%) also saw significant gains within the last 24 hours (according to CoinMarketCap). While the cryptic tweet from the Tesla CEO may have inadvertently sent the price of Dog-themed tokens skyrocketing, bunny-related crypto or ”rabbit crypto” seems to have also garnered attention.
MoonRabbit (MOON RABBIT, +803%) ranks the top gainer on the day according to coinmarket cap data. MoonRabbit is a platform that implements passive staking mechanisms so all a user has to do is hold MoonRabbit to start earning passive dividends.
Another rabbit-themed token, Rabbit finance (RABBIT) was up 156.25% as of press time. Other notable Altcoin gains include a 25% rally in the price of Stacks (STX) to establish a new record high at $2.84 and a near 100% spike in the price of Livepeer (LPT) to an intraday high of $38.75.
Livepeer is a decentralized live streaming platform built on the blockchain. Increased adoption of Web3 protocols may have triggered Livepeer’s (LPT) recent price explosion, Data aggregator Messari notes ”Several Web3 protocols are gaining adoption. As a result, these protocols are generating revenue based on network usage, a clear sign of growing demand”.
Asides from Elon Musk’s cryptic tweet, on-chain analytics Santiment detects that whale transactions in bunches may have fueled Shiba Inu’s recent price climb while expecting further increases to follow if the trend continues.
”#ShibaInu is back up to $0.00002885 while the spotlight is back on #Bitcoin and its close-in on its new #AllTimeHigh. But keep an eye on $SHIB’s whale transactions exceeding $100k. When these transactions come in bunches, price rises generally follow”
Courtesy: SantimentBitcoin has preserved not only its bullish trajectory but has also sealed its highest weekly close ever near $61,500. Asides from this, ProShares is set to launch a Bitcoin futures exchange-traded fund (ETF) that will start trading on the New York Stock Exchange on Tuesday.
As the market braces for a possible start of trading for the United States’ first Bitcoin exchange-traded funds (ETF), volatility is all but guaranteed, analysts say.
The coming weeks will likely herald the debut of several Bitcoin futures-based exchange-traded funds (ETF) in the U.S. Ilan Solot, global market strategist at Brown Brothers Harriman believes these products may spark renewed interest in the popular “cash and carry” arbitrage strategy, which in turn would bring more buying pressure to the spot market.
Bitcoin traded at $61,939 as of press time.
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