What Happened: Shiba Inu gained more than 600% over the past few weeks, hitting a fresh all-time high of $0.0000594 on Wednesday.
Shiba Inu’s extended rally followed an $11.5-million purchase from an Ethereum whale who added 277 billion SHIB tokens to their position Tuesday.
According to data from WhaleStats, the transaction had a fee of $15. The whale now holds over 293 billion SHIB tokens worth $16.5 million.
At the time of writing, SHIB was trading at a price of $0.00005682 with a daily trading volume in excess of $19 billion.
Shiba Inu also proved resilient to Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s revelation of owning “none” of the meme-based cryptocurrency. With a market cap of $21.8 billion, SHIB is less than a 50% price move away from overtaking its rival Dogecoin (CRYPTO: DOGE) by market cap.
— Hsaka (@HsakaTrades) October 27, 2021
“Pretty sure this has been one of the most hated rallies recently. Consensus was DOGE would see an encore and SHIB would fade away back into oblivion. I’d reckon positioning was also representative of that,” commented crypto trader Hsaka Trades.
“This is also why you don’t ruin the sanctity of a meme by formalizing it with a “DOGE foundation” and actually talking about the tech,” he added.
Photo: Old Money on Unsplash.