- Shiba Inu trade volume hit $1.5 billion the day of its listing on the world's second-largest exchange.
- Dogecoin trade volume across exchanges increased in response to Elon Musk's tweet and the bullish outlook of traders.
- Dogecoin and Shiba Inu price are yet to recover from the drop recorded on September 7.
Dogecoin and Shiba Inu price plunged after on-chain activity for the Shiba-Inu-themed meme coins hit a high.
Dogecoin and Shiba Inu price set to drop further
Dogecoin price is yet to recover from the September 7 crash, and the altcoin has posted 23% losses over the past week. Elon Musk, an advisor to Dogecoin Foundation and a tech billionaire, triggered a spike in trade volume for the two Shiba-Inu-themed cryptocurrencies.
Historically, Musk's tweets have had an impact on trader sentiment toward DOGE and SHIB.
Cryptocurrency trader and analyst @itsALLrisky summarizes Musk's influence on Dogecoin price in his recent tweet.
Elon Musk:
– Posts Doge memes all the time
– Did a #DOGE segment on SNL
– Set up #Dogecoin mining rigs with his kids
– Bought Dogecoin for his son
– Transacted with $DOGE for SpaceX Doge-1 mission
– Has a representative on the Dogecoin Foundation
– Adopted a Shiba pupLEGEND! pic.twitter.com/9vS4raDhNb
— (@itsALLrisky) September 13, 2021
