Why is Shib coin rising so much? There are 2 major reasons
The price of the Shiba Inu cryptocurrency — a meme-based crypto token — has doubled in the last few days due to speculation over a major whale purchase.
A whale is often considered an investor who purchases a lot of a digital asset before selling it down the road.
Per Yahoo Finance, there has been “one mysterious whale” who has been “buying up massive amounts of Shibu Inu.”
In fact, one of these whales bought 6.2 trillion Shib coins, which cost about $44 million, per Yahoo Finance.
The cryptocurrency has seen increased social media attention in recent days. It began when Tesla CEO Elon Musk tweeted a picture of his dog, a Shiba Inu breed, named Floki. This inspired social media users to tweet out #SHIB without end, sending the hashtag to the top of Twitter, as I wrote for the Deseret News.
That jump was coupled with a recent spike in September, when the Shiba Inu coin soared by 35% after it was added to the Coinbase app, which allows people to trade and buy cryptocurrency, according to Mint, which monitors financial and cryptocurrency news.
Ishan Arora — who works with Tykhe Block Ventures, a crypto hedge fund — said Shiba Inu might be launching a new project, which has increased interest in the crypto token, per Yahoo Finance.
“It started as a meme coin with no use case but that is being changed as the team seems to be working on certain things like a decentralised exchange,” he said.
Deseret
