Shiba Inu Price Forecast: New Twitter CEO’s level of interest in SHIB could fuel a rally in the meme coin

Elon Musk has unveiled the identity of the new Twitter CEO, Linda Yaccarino.
Before the revelation, rumors spread that the CEO incumbent followed Shiba Inu on Twitter.
As confirmation that she follows the SHIB spreads, the altcoin could be the next meme coin to rally.
SHIB army responded excitedly, given that she does not follow any other cryptocurrency account.

Shiba Inu (SHIB) price could be the next meme coin to rally following revelations that the only Twitter account followed by new Twitter CEO Linda Yaccarino is Shiba Inu. While it remains unknown what level of interest she holds in the digital asset, SHIB could leverage the ongoing meme coin frenzy to rally.

Also Read: Blow to meme coins as Musk announced plans to step down as Twitter CEO

Shiba Inu price to rally amid current meme coin frenzy?

Shiba Inu price could be poised for a rally amid reports that the incumbent Twitter CEO is a SHIB enthusiast. The news comes after sitting Twitter CEO Elon Musk revealed plans to transition to other roles in the company as the new CEO takes over in six weeks. The tech billionaire revealed the identity of the incoming executive today.

I am excited to welcome Linda Yaccarino as the new CEO of Twitter!@LindaYacc will focus primarily on business operations, while I focus on product design & new technology.

Looking forward to working with Linda to transform this platform into X, the everything app. https://t.co/TiSJtTWuky
— Elon Musk (@elonmusk) May 12, 2023

The announcement has culminated in the revelation that Yaccarino is more of a SHIB enthusiast than a crypto proponent, considering the only cryptocurrency account she follows is Shiba Inu. Accordingly, the SHIB Army is elated by the speculation that the newest Twitter executive is aware of the meme coin’s ecosystem.

With Yaccarino on Twitter’s “business operations” side and Musk on the “new technology and product design side”, meme coins could benefit, with SHIB and DOGE having the advantage for obvious reasons.

Is $0.00001 incoming for SHIB?

Shiba Inu price could pivot the critical support level around $0.00000812 amid newly found excitement in the meme coin ecosystem. A bounce from this critical zone could see the meme coin tag the $0.00000987 resistance level, clearing the path for further gains.

Further north, some sidelined investors could buy SHIB at the supplier congestion levels indicated by the 50, 100, and 200-day Exponential Moving Averages (EMA) at $0.00001027, $0.00001062, and $0.00001108 levels, respectively. This could give Shiba Inu price the necessary gusto to extend north and tag the $0.00001160 resistance level.

Notice the bullish divergence between the Shiba Inu price and the Relative Strength Index (RSI). This comes as the RSI (purple band) has deflected from a downtrend, changing direction to signify a bullish effort despite falling SHIB prices.

SHIB/USDT 1-Day Chart

Social dominance metric

Santiment data’s social dominance metric flashes bullish for SHIB. This metric shows the share of the asset’s mentions on crypto-related social media compared to a pool of more than 50 of the most talked about products online. On this note, Shiba Inu is up a staggering 109% in social dominance between March 11 and May 12, recording 1.65% at press time.

Similarly, the social volume metric was also bullish, indicating the amount of mentions of the coin on over 1000 crypto social media channels. The meme coin’s social volume metric is up, recording 1063 at the time of writing.

Conversely, if the current meme coin hype fails to tick for SHIB holders, Shiba Inu price could dip further, breaching the immediate support at $0.0000807. In the dire case, the meme con could extend south, allowing traders to collect sell-side liquidity below this level.

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