Not a joke! Shiba Inu & Dogecoin rally up to 40% in a day; here's why

economictimes.indiatimes.com:

Shiba Inu and Dogecoin defied market mood to surge a whopping 40 per cent in a day. The tokens, which have lost 90 per cent of value from peaks, remained in high demand among investors after Dogecoin received support from Tesla chief Elon Musk. Dogecoin surged as much as 13 per cent to $0.06932 in the last 24 hours, thanks to another push on Twitter from the mercurial technocrat. Its arch-rival and next biggest meme coin Shiba Inu soared about 40 per cent to $0.000008637 in the same period. Recently Musk said he will continue to support Dogecoin. His company Tesla accepts Dogecoin for merchandise and SpaceX is likely to do the same.

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Tarusha Mittal, COO and Cofounder, Uniform said the current rally in meme coins may not bring the bulls back into the market as recession fears loom. The volumes for Shiba Inu spiked more than 425 per cent in the last 24 hours as the SHIB coins worth $1.75 billion exchanged hands, the data from Coinmarketcap suggested. Dogecoin also saw a solid jump in the trading volumes as they increased by 85 per cent in the given period. Dogecoins worth $1.04 billion were traded during the slated duration.

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Shiba Inu has begun to rise dramatically after a recent news announcement that SHIB has become the second most held asset by Ethereum whales, surpassing Tether, a stable coin,