Shiba Inu Continues to Soar: Here's Why

For cryptocurrency investors looking at meme tokens, Shiba Inu (CRYPTO: SHIB) remains the hottest token in town. It's once again on the run, having jumped 10% in earlier trading today before settling down.

This momentum is infectious, and cryptocurrency investors and traders have reason to like the recent price action. This is a token that remains down more than 40% over the past two weeks.

Today's move follows the broader cryptocurrency market, suggesting this token may be stabilizing at these levels. Additionally, speculation last week that Tesla (NASDAQ: TSLA) CEO Elon Musk might accept Shiba Inu as payment for his electric vehicles has neither been confirmed nor denied. And while Musk has repeatedly favored Dogecoin (CRYPTO: DOGE) over its "little brother" Shiba Inu, there's hope among investors that he will once again turn his tweeting attention toward SHIB.

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Source Fool.com