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After Shiba Inu’s Explosive Episode Strong Need For Balance Is Required.

The price of Shiba Inu (SHIB) has risen to become the twenty-first most valuable digital asset by market capitalization so far in October.

The circulating market value of Shiba Inu surged to $11.08 billion earlier this week and is now above $10 billion, putting it in the top-20 by market cap for the first time.

As a result, the meme cryptocurrency inspired by Dogecoin has become more valuable than other blockchain projects such as Stellar (XLM), Polygon (MATIC), and Tron (TRX).

The increase in the value of the Shiba Inu came as a result of Elon Musk’s tweet. On October 4, 

Tesla CEO shared a photo of his Shiba Inu dog with the caption “Floki Frunkpuppy.” Within one hour of the tweet, SHIB had increased by more than 40%.

Speculators in the cryptocurrency market are likely to read a lot of Musk’s comments. For example, using Twitter, the wealthy entrepreneur was helpful in driving up the price of Dogecoin (DOGE) earlier in 2021.

After starting the fourth quarter of 2021 at $0.00000625, the SHIB price increased by over 300% in a week.  As a result, on October 7, the token retested its five-month high of $0.00003528 USD.

The sell-off throughout Shiba Inu markets (against the dollar and Bitcoin) triggered a buy-the-dip mentality.

A rebound surge followed, with the SHIB price rising by more than 45 percent. The coin was trading at $0.00003020 at its peak on Saturday, with a market worth of $10.73 billion.

On Oct. 10, the price of the Shiba Inu fell by more than 6.70%, reaching a new intraday low of $0.00002.637.

After Shiba Inu's Explosive Episode Strong Need For Balance Is Required.

3 Months Shiba Inu Price Chart: Source – CoinMarketCap

In doing so, the cryptocurrency indicated the possibility of creating a falling triangle pattern, implying further losses ahead.

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