Two traders had vastly different experiences with the same token, Asteroid Shiba. One turned a single ETH into over $470,000 in just a few hours, while another held a position for 580 days before walking away with close to $392,000. Both of these impressive gains were sparked by a two-word reply from Elon Musk that caused a frenzy in the crypto markets on Friday.
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Asteroid Shiba: A Wish That Sparked A Frenzy
The backstory of Asteroid Shiba sets it apart from other memecoins. The token was inspired by a plush Shiba Inu dog created by Liv Perrotto, a 15-year-old girl who tragically passed away from cancer. Liv had a special connection to space exploration and even wanted Asteroid to become the official mascot of SpaceX.
Elon Musk’s simple response of “Will answer shortly” caused a massive surge in the token’s market cap, skyrocketing from $50,000 to over $20 million in just hours.
Whales And Degens Rush In
Large-wallet buyers, known as whales, and other traders quickly jumped on the Asteroid bandwagon following Musk’s comment. The token experienced an explosive 68,000% rally in the past week, with one trader betting a substantial sum on the possibility of Asteroid becoming SpaceX’s mascot.
The token’s momentum was further fueled on Ethereum, where increased market liquidity contributed to its rapid ascent.
What Comes Next Depends On One Man
Asteroid Shiba’s value hinges entirely on Musk’s future actions. With no product, roadmap, or corporate support, the token’s fate rests in Musk’s hands. If he continues to engage with the token, its price could climb even higher. However, if he remains silent, the price may plummet just as quickly as it rose.
As of now, Musk has not made any further statements regarding Asteroid or SpaceX.
At the time of writing, ASTEROID price had dropped by 40% in the last 24 hours, following a staggering 68,428% increase the previous week, according to data from Coingecko.
Featured image from Unsplash, chart from TradingView