TL; DR Breakdown
- Shiba Inu experienced a rise in price by almost over 50%.
- Shiba Inu gains 10% increase in market value and became the 11th-biggest cryptocurrency for the first time.
Shiba Inu coin, also known as a dogecoin spin-off, was initially introduced as a bit of a joke. But now, it has been in the mainstream news after Shiba Inu gains 10% in value overnight. Crypto investors have taken it seriously to the extent where they have shown interest, making it the next big thing. As Shiba Inu gains much of its popularity from Elon Musk’s tweets, the recent 10% gains show that Elon Musk is not the only one interested in bringing Shiba Inu to new heights.
Due to the recent impeccable performance, Shiba Inu (SHIB) has seen a significant rise in value overnight as the decentralized token moves closer to the $0.00005 mark. On October 26, 2021, It’s worth noting that an Ethereum whale purchased 276,592,553,073 SHIB tokens equivalent to $11,510,207, resulting in a massive 10% gain in value overnight.
As per the transaction details, this specific whale currently possesses almost $13,448,334 in the Shiba Inu token. This leaves many observers and potential investors struggling with the question of whether another price surge in either direction is inevitable or not.
SHIB recent price volatility
The 24-hour trading volume of the SHIB surpassed that of Ethereum. Briefly, on October 25, SHIB overshadowed ETH, the second-largest cryptocurrency globally, by market capitalization. The escalated trading volume in SHIB over the 24 hours occurred when Ethereum gained its highest-ever weekly closing in the crypto market.
Recently, SHIB achieved an exciting development and experienced a rise in price by almost 50% on Sunday, celebrating a new all-time high of 0.000044. The recent price increase was boosted by inflows of $4.64 billion over two days on October 23 and 24. This resulted in an ultimate increase in the total amount of money in the market from $11 billion to almost $15 billion.
Reason behind Shiba Inu gains
Shiba Inu initially developed as a meme coin and was also promoted as the “Dogecoin killer,” surged to record highs over the weekend and became the 11th-biggest cryptocurrency in terms of market value for the first time.
Surprisingly, Shiba Inu gained 10% overnight, and this tremendous rise was mainly fuelled by two reasons. There were unidentified and unconfirmed rumors floating in the crypto world that the coin is quite near to being listed on Robinhood’s popular stock trading app. The other apparent reason for its impeccable rise was tech billionaire Elon Musk, who recently tweeted a photograph of the SHIB token going towards the Moon.
Impact of price rise on adoption
Shiba Inu is now experiencing an increase in the number of retailers embracing it, as the recent price rise made them. The exciting thing is that the payment method has recently been added to the list of acceptable payments by real estate firm Candoli Propiedades.
SHIB’s popularity has earned its acceptance in one of the most exclusive restaurants in Paris, France, specializing in French cuisine.
Despite the rejection faced by Elon Musk, The digital currency is presently trading around its all-time high on significant spot markets. Currently, the token is trading at almost $0.00004204, up 10.10% in 24 hours and up just 49.70% in the last week, with a market capitalization of $16.6 billion, as per CoinMarketCap.com statistics.
Conclusion
The newly emerged digital token has successfully cashed gain by attracting merchants, investors, and traders. Though there was a slight downward trend because of the question asked by the Twitter account of Shiba Inu about how much (SHIB) is held by Elon Musk. Despite all the obstacles, It’s worth noticing that the value of SHIB has increased dramatically in the last seven days, from $0.000028 to $0.00004205.
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