• 16 July, 2024
News

Elon Musk Tweet Spurrs Rally In Shiba Inu-based Meme Coins; What You Should Do?

A recent picture of Elon Musk’s tweet about Floki spikes the price of meme coins

Meme coins performed well on Wednesday overstepping the major crypto assets. The recent gains in the meme coins are primarily sponsored by a picture tweeted by the CEO of Tesla, Elon Musk. In the picture, his dog Floki posed as the CEO of social media giant Twitter. The papers spread on the table indicated that the dog’s name was Floki.

Floki Inu was exchanging hands at $0.000031, up 34% as per data from CoinMarketCap.

Technically speaking, the Floki Inu price analysis remains bullish for the day. 

Source: Trading view

The price breached the 21-day Exponential Moving Average (EMA), which was earlier acting as the support for the price. However, the Floki Inu price retreated from the early gains but the bull remain in the control.

Both momentum oscillators, the RSI and MACD indicate mild bullish bias and are indicative of the continuation of the upside momentum. The price could recapture the all-time high of $0.00003614 in the short term.

Source: Trading view

Another meme coin, Dogecoin (DOGE), is popularly known as Elon Musk’s favorite cryptocurrency and gained 5% following Musk’s tweet. Dogecoin consolidates in the range of $0.07990 and $0.08658 for the past few sessions following a decline from the high of $0.09981. Additional buying participation could result in the breach of the mentioned range.

Source: Trading view

Shiba Inu (SHIB), another meme coin prints gains for the second consecutive session on Wednesday. The crypto asset was reading at $0.0000132, up around 5%. The price is in a short-term uptrend. Recent, retracement could be a discount buying opportunity for sidelined investors.

Billionaire Elon Musk is known for his love for cryptocurrencies. His tweets make or break the price movements in meme coins as his followers call him Dogefather.

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