Shiba Inu (SHIB) Skyrockets 100% following a huge whale buy
The price of SHIBA INU (SHIB) has exploded in recent days following a massive purchase by a whale, reaching a huge price level that it has not gone for several months. Until recently, the coin was trading steadily at a moderately low rate, but following the massive buy from an unknown crypto whale, the price of SHIB went up by more than 100%.
Just recently, an unknown SHIB whale bought more than six trillion coins a few days ago. Unsurprisingly, the coin price has risen by more than 100%, despite TVL’s recent decline in Shiba Inu’s decentralized stock exchange.
The new cryptocurrency portrayed as the “Dogecoin killer”, Shiba Inu has been launched to take advantage of the ongoing meme coin madness, which has seen countless investors rushing into the cryptocurrency space. It actually even went a step further than DOGE, which was created simply as a “meme token”, and thus SHIB launched a decentralized exchange earlier this year. Indeed, investors began to be very interested in Shiba Inu, as the total blocked value of the coin rose to an astonishing level of nearly $2 billion in June and July.
The appearance of the mysterious Shiba Inu (SHIB) whale
Even though the TVL has recently declined to under $300 million, this did not stop a mysterious SHIB whale from buying massive portions of the asset. A recent transaction in late September showed that the whale bought nearly 6.2 trillion SHIB for about $44 million. In the days that followed, the SHIB price rose from about $0.0000715 to a daily high of $0.0000151 last night. It has become the highest price level since mid-May.
However, Shiba Inu (SHIB) is still far from an all-time high of $0.00003791 earlier this year, according to Tradingview.
Is Shiba going to be the next Doge – or even surpass it?
The new trend of the so-called “meme coins” seems to be just getting started. It all started when someone created a coin named “Doge” as a simple joke, with a little backstory. However, as we all know what miracles the internet is capable of doing these days, Dogecoin gained a lot of popularity from all the jokes and memes around it – going as far as having Elon Musk tweet about the coin many times.
Shiba Inu is another crypto based on the same idea – a meme coin, considered by the SHIB community to be the next Dogecoin – or, as some more optimistic traders call it, the “Doge killer”.
Taking into consideration all the attention that Shiba Inu has been getting recently, it’s safe to assume that this coin is here to stay – whether or not it will “kill” Doge or not. They can very well be the two dominant “meme coins”. So far, both coins have created millionaires, and this fact alone speaks for itself. Nothing is 100% predictable in the crypto world. We can never really anticipate when a new coin can get created, bringing a different idea to the markets and attracting tons of new investors – making them millionaires, or why not, perhaps billionaires – overnight.
The general advice and lesson we must all learn from this are that we must always keep our eyes open for new opportunities and try to be a step ahead of the markets and other investors at all times.
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