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 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.
The Tesla CEO recently tweeted a picture of “Floki,” a Shiba Inu like “Kabosu,” the original Dogecoin dog. This instantly garnered mainstream media attention; DOGE traders witnessed a rise in trade volume across spot exchanges.
In the case of SHIB, listing on Coinbase Pro led to a massive surge in trade volume. Over $1.5 billion worth of SHIB tokens were traded, marking a new all-time high in trade volume.
Shiba Inu price failed to recover to pre-crash levels despite a rally, and a bearish trend reversal has hit a pause on the upward climb.
Development upgrades recommended by Vitalik Buterin, also an advisor to the Dogecoin Foundation, are expected to impact the altcoin’s price positively.
Until the Doge-Ethereum bridge is launched, the Dogecoin price may be subject to further consolidation.
FXStreet analysts have evaluated Shiba Inu and predicted a 10% correction as SHIB lacks momentum.