Shiba Inu SHIB/USD has returned an astounding 27,000,000% since the start of the year, and the meme-based cryptocurrency’s largest holders appear to be adding to their position.
What Happened: The price of SHIB has rallied by 200% in the last seven days to hit a five-month high of $0.00002436 on Wednesday. In the last 24 hours alone, SHIB has rallied by 72% and has seen a 127% uptick in daily trading volume.
Following the coin’s unprecedented rise, market participants have speculated that large buy orders from large token holders or “whales” could be driving most of the price action.
Data from whale tracking platform WhaleStats.eth revealed that a SHIB whale purchased over 6 trillion SHIB tokens worth around $43 million on Friday.
The following day, the same whale reportedly purchased an additional 276 billion SHIB tokens.
Sentiments around SHIB were further accentuated by Tesla Inc TSLA CEO Elon Musk’s tweet of his Shiba Inu puppy “Floki.”
Musk tweeted the picture late on Sunday, which potentially acted as another catalyst for SHIB’s price going into the week.
SHIB Price Action: At the time of writing, SHIB was trading at $0.0000221 with a market cap of $8.5 billion. The coin now ranks 20th in the list of top cryptocurrencies based on market capitalization.
Photo: Charlotte Rush on Unsplash.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month