Shortly after an unnamed whale chose to buy 6.3 trillion Shiba Inu tokens and raise the SHIB coin rate, meme coin had another significant price increase this week, becoming one of the most traded volumes.
The SHIB coin has risen in popularity to become the world’s 16th largest cryptocurrency, with a market valuation of $12.38 billion.
Shiba Inu to USD Price Chart – Source: CoinmarketCap
The jump was prompted by a tweet from the ‘Dogefather’ himself who posted a picture of himself on Sunday night and posted a picture of his pet Shiba Inu pup named ‘Floki Frunkpuppy’ sitting in the open area in front of Tesla.
What has been the subject lately with Elon Musk’s post on Floki is that many coins made with Doge tend to gain momentum.
Dogecoin – Dogecoin is the cryptocurrency Musk has openly acknowledged in the past, and its mascot is Shiba Inu once again. So, following Musk’s tweet on Sunday, both SHIB and Dogecoin enjoyed a spike in popularity.
This isn’t the first time something like this has happened. Musk also published a snapshot of Floki last month, causing many floki-themed altcoins to skyrocket in value. Musk isn’t the only one who has invested heavily in SHIB.
The founder of Ethereum, Vitalik Buterin, has contributed $1 billion to SHIB’s Covid-Crypto Relief Fund of India.
The sudden jump in Shiba Inu’s price, on the other hand, cannot be linked solely to Musk’s tweet. On October 1, an unidentified whale chose to buy 6.3 trillion SHIB tokens over the course of two days.
The whale spent $43,838,900 purchasing 6 billion SHIB coins. The SHIB whale went on to acquire another $ 116 billion the next day, followed by another $ 159 billion and $ 1 billion the next day.