The price of Shiba Inu (SHIB) has risen sharply in recent weeks due to the asset’s recent Coinbase listing, with the coin’s price increasing by more than 20% this week alone.
Factor in the coin’s growing online appeal, with over 900,000 Twitter followers, the Elon Musk effect, large SHIB whales coming into the equation, and there is no telling where the memecoin will go next.
Indeed, on Thursday September 30, it was announced a SHIB whale bought 6,178,758,122,373 SHIB ($43,838,916).
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On Saturday, the same whale bought 116 billion coins, then 159 billion coins, and ultimately 1 billion SHIB coins, all within a few hours of one another on the same day, purchasing a total of 276 billion SHIB.
Moreover, largely thanks to the whale and positive sentiments recently around Shiba Inu, the coin is still trading in the green despite the fact that several of the top 10 cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), were down on Monday.
Currently, a market capitalization of $3.3 billion is being held by the digital asset, which is now trading at $0.000008681, up 9.71% on the day and 21.20% in the past seven days, according to CoinMarketCap.com
Shiba Inu is attracting the attention of whales
In general, crypto whales have taken an interest in the Dogecoin competitor, having amassed large amounts of SHIB since the currency was introduced to the eToro trading site in late June this year.
In addition, during the final week of July, when SHIB was listed on Coinbase Pro and WeBull, whales increased their stake in the cryptocurrency significantly. Meanwhile, when Binance and Coinbase, respectively, listed the cryptocurrency in August and September, additional SHIB was transferred into whale’s cold wallets.
Even the CEO of PAC Protocol, David Gokhshtein, took to Twitter over the weekend, acknowledging a crypto whale has been collecting billions of SHIB since Thursday.
It appears that the SHIB community is now anticipating another surge, with the Robinhood app expecting to be the next big platform to list Shiba Inu. Consequently, some SHIB supporters are making daily appeals for Shiba Inu to be listed, and even over 193,000 individuals have signed a petition on Change.org calling for the coin to be listed.
Elon Musk effect
On top of the whale accumulation, Elon Musk continues to tweet about his new Shiba Inu puppy, which, interestingly, appears to affect the market performance of SHIB.
As a result of Musk’s tweet, which was sent at 7:11 a.m. IST (GMT +5:30), Dogecoin also experienced a minor spike in value starting at 7:13 a.m, before dipping again fifteen minutes later. Even while Dogecoin saw just a small increase after Musk’s tweet, the cryptocurrency Floki, which is named especially after Floki, saw an exponential rise.
[coinbase]
