Shiba inu coin surged over 20% to a record high of $0.00005451, CoinMarketCap data showed. The move came after an anonymous crypto whale purchased 276.6 billion SHIB tokens Monday evening. Shiba inu coin is now the 11th largest cryptocurrency, with a market value of $21.4 billion.
Read: SHIB Community Has Got Itself A New Powerful Member, Candidate for US Senate 2022 Shannon Bray
Shiba inu coin, soared more than 20% on to hit a record high of $0.00005451, according to data from CoinMarketCap.
The move higher in the cryptocurrency was sparked Monday evening after an anonymous crypto whale purchased 276.6 billion shiba inu tokens for about .5 million, according to data from WhaleStats, which tracks activity for the 1,000 largest ether wallets.
The purchase brought the crypto whale’s total holdings in shiba inu coin to 316.5 billion, worth about $15 million and the largest position in the wallet.
The surge in shiba inu represents a renewed wave of risk-on sentiment among cryptocurrency traders, especially after bitcoin surged to record highs earlier this month at about $67,000. Shiba inu’s Tuesday surge catapulted its market value to $21.4 billion, making it the 11th largest cryptocurrency.
To crack the top 10, shiba inu coin will have to nearly double its levels to take over USD coin’s market valuation of about $33 billion. Dogecoin, the inspiration for shiba inu coin, would be the next target for shiba inu. It has a $35 billion valuation.
The technical analyst Katie Stockton of Fairlead Strategies said she thought the renewed rally in altcoins like shiba inu could continue if bitcoin managed to confirm its recent breakout by trading above the $65,000 level again.
“A breakout in bitcoin in absolute terms would support a risk-on environment favoring Ether and other altcoins,” Stockton said in a Tuesday note. And that type of environment could be a boon for shiba inu coin.
Read More On SHIB:
- SHIB Community Has Got Itself A New Powerful Member, Candidate for US Senate 2022 Shannon Bray
- Argentine Real Estate Agency Now Accept Shiba Inu
- New York-Based Online Brokerage Listed Shiba Inu
- Shiba Inu Now Available At 4000 ATMs Across US And Brazil
- Petition Surpasses 250,000 Signatures to List Shiba Inu on Robinhood
- India’s Oldest Cryptocurrency Exchange Zebpay List Shiba Inu
- SHIB Becomes Most Discussed Crypto On Twitter As SHIB Gets More Mentions Than Bitcoin, Ethereum, And DOGE On Twitter
- CoinGecko Data Shows SHIB Becomes Top 11 Coin, Just Behind DOGE At Number 10
- As SHIB Becomes Crypto Of The Week, How Far Will SHIB Go?
- Crypto Whales Purchasing Large Amounts Of Shiba Inu, As Single Anonymous Whale Bought 6 Trillion SHIB
- Shiba Inu Becomes The 15th Most Valuable Crypto
- Shib Becomes Most-Traded Crypto on Coinbase
- Shiba Inu Futures Trading Volume Up 78x in Seven Days
- Shiba Inu Took 14 Months To Hit A Market Value Of $12 Billion, It Took Dogecoin 6 Times As Long To Reach That Milestone
- SHIB Hits 1 Million Followers On Twitter
- Shiba Inu Is Now Fifth Most Traded Crypto
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
