Shiba Inu rallies and Ethereum almost reaches $4000
Prior to Elon Musk’s debut on SNL, While BTC is trying to touch 60K, new highs for ETH and Doge were hit.
As we are approaching the weekend, Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB) are rejoicing at hitting their new ATHs which raises the share of the altcoins of the market cap.
Regarding these rallies, due to the history of Doge-fan and the Tesla CEO Elon Musk, many believe that the main cause of the recent price jump for Doge is Musk’s forthcoming appearance on Saturday Night Live (SNL) show comedy sketch show. Ethereum also is carrying on the rally that has started a couple of weeks ago and is going for 4K. The ETH sharp rise is mainly because of nearing the London hard fork as well as the drastic growth of institutions and firms’ enthusiasm for altcoins.
Ether fell down as low as 3,418 in the last hours of May 8 shortly and then not only restored its price but also hit a new ATH standing at $3,958.
ETH/USDT 4-hour chart. Source: TradingView
Many traders and analysts may hadn’t seen this ETH rally coming while Marcel Pechman a market analyst in Cointelegraph had previously said that ETH could reach $5K. The world’s number one coin by market cap Bitcoin, however, is keeping a low profile and trying to stay above $59K and hopefully rise.
Dogecoin has provoked Canine-themed 'meme coins'
Dogecoin will be always remembered as the first coin that managed to draw the attention of the crypto traders and crypto enthusiasts worldwide to itself and become well-known via a popular meme token. Saturday saw a 25% rise in the value of Doge in its early hours leading to hitting a new all-time high of $0.74 for this coin before it drops below $0.68.
DOGE/USDT 4-hour chart. Source: TradingView
Dogecoin seems to have carved a niche for a bunch of canine-themed projects that wish to follow Doge’s footsteps. One of these projects is Shiba Inu which grabbed the attention of many after a sho cking two-day rally which leads to 1100% increase in its value leading to hitting a high of $0.0000178 at the time of writing this article.
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