Shiba Inu gains 10% in 24H as Ethereum whale buys over $11M in SHIB

Shiba Inu gains 10% in 24H as Ethereum whale buys over $11M in SHIB
11 months ago
2 mins read

Amid recent solid performance, Shiba Inu (SHIB) has seen a significant increase in value over the previous 24 hours, as the decentralized token draws closer to the $0.00005 mark. 

It’s worth noting that during the time on October 26, 2021, an Ethereum whale purchased 276,592,553,073 SHIB tokens, equivalent to $11,510,207.

This specific whale currently possesses around $13,448,334 in Shiba Inu token, according to the transaction details provided by whalestats.com, and leaves many observers pondering the question of whether another price surge in either direction is imminent.

SHIB transaction details. Source: Whalestats.com

SHIB price volatility

Most notably, the 24-hour trading volume of the SHIB momentarily surpassed that of Ethereum, the second-largest cryptocurrency by market capitalization and the network upon which it is built, for a short while on October 25.

In fact, the increased trading volume in SHIB over the 24 hours occurred at a time when Ethereum reached its highest-ever weekly close in the cryptocurrency market.

SHIB, in an interesting development, surged by over 50% on Sunday, hitting a new all-time high of 0.000044. Price increases were spurred on by inflows of $4.64 billion over two days on October 23 and 24, increasing the total amount of money in the market from $11.02 billion to $15.66 billion.

Merchant adoption

Interestingly, Shiba Inu is observing an increase in the number of retailers embracing it due to the recent price rise. The payment method has recently been added to the list of acceptable payments by an Argentine real estate firm Candoli Propiedades.

In addition, SHIB is currently accepted in one of the most exclusive restaurants in Paris, France, Le Bistrot d’Eleonore et Maxence that specializes in French cuisine. 

Despite Elon Musk’s latest rejection, the cryptocurrency is presently trading around its all-time high on major spot markets. Currently, the token is now trading at $0.00004205, up 10.15% in 24 hours and up just 49.79% in the last week, with a market capitalization of $16.6 billion, according to CoinMarketCap.com statistics.

SHIB 7 day chart. Source: CoinMarketCap.com

It’s noteworthy that the value of SHIB has increased dramatically in the last seven days, from $0.000028 to $0.00004205, a considerable gain.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.