SHIB gains 8% in 24 hours as Musk’s Twitter takeover offers dog coins a bone

Since it was announced that Elon Musk would complete the purchase of Twitter on Friday, October 28, dog meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) have seen significant price increases, with both having registered gains that are greater than those of the Twitter (NYSE: TWTR) stock itself in the last 24 hours.

Notably, Dogecoin has seen $2 billion flow into its tokens market cap in two days, pushing the meme coin 30% higher. Interestingly, SHIB has experienced a price rally, riding the wave of attention of its dog token competitor.

Currently, the SHIB token is trading at $0.00001122, up 8.12% in the last 24 hours and a further 12.47% across the week, with a total market worth of $6.17 billion, according to data retrieved by Finbold from CoinMarketCap.

Earlier in the day, Shiba Inu was trading at $0.00001179 before it somewhat retraced with the larger market. Although the cryptocurrency market as a whole turned green on October 26, driven by the ascent of Bitcoin (BTC) and Ethereum (ETH), most cryptocurrencies only had marginal gains on October 27, with Dogecoin and Shiba Inu undergoing a significant surge on the day among the top 20 assets by market cap.

Meme tokens rally

As soon as the news broke that Musk was changing his mind about the Twitter deal, there was a surge in DOGE whale activity, with 85 transactions of at least $100,000 being recorded, leading to renewed hopes that the token will recover its value to where it was in 2021.

The whole meme coin market has the propensity to increase in value whenever Dogecoin rises in value, and Shiba Inu has the propensity to follow closely after it; the current situation is not an exception to this rule.

Elsewhere, Shiba Inu’s price movement also occurs at the same time as Bitstamp, a cryptocurrency exchange located in Luxembourg, named token available to users in the United States.

Finally, with the launch of Shibarium still in the works and the Layer-2 solution slated for a release in early October but still in the testing phase, the price could still see more bullish moves. Investors hoping toprofit fromf the price speculation will be pleased to hear of a new launch date for the update to the ecosystem.

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