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Tuesday, July 16, 2024

Shiba Inu is now a top-20 cryptocurrency with 300% surge in 9 days

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Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Recently Jumped the market valuation jumped to $11.08 billion earlier this week and is currently above $10 billion, putting it in the top-20 by market cap for the first time.

The growth in Shiba Inu’s valuation is now more valuable than popular blockchain projects like Stellar (XLM), Polygon (MATIC), and Tron (TRX).

SHIB price surged by almost 400% a week after opening the fourth quarter of 2021 at $0.00000725. In doing so, the token retested its five-month high of $0.00003528 on Oct 7.

The Dogecoin inspired meme cryptocurrency Shiba surge because of the tweets published by Elon Musk. After the tweet on 4th oct SHIB jumped by more than 40% an hour.

Also to boost SHIB price an anonymous crypto buyer brought  6.3 trillion SHIB coins   over two days. The whale began his spree on October 1 when he went ahead and bought a mammoth 6 trillion SHIB coins worth around $43,838,900 . The whale then went ahead and bought another 276 billion coins the next day

read more: https://encryptobyte.com/shib-whale-buys-6-3-trillion-shiba-inu-tokens-to-boost-price/

The sell-off across Shiba Inu markets (against the dollar and Bitcoin) prompted buy-the-dip sentiment. A rebound rally ensued, which pushed the SHIB price up by more than 45%. At its highest on Saturday, the token was changing hands for $0.00003020, with its market cap around $10.73 billion.

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