Shiba inu coin soars 22% to another record after crypto whale bought 277 billion tokens

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Nathan Frandino / Reuters / File Photo

The Shiba inu coin jumped more than 20% to a record high of $ 0.00004853 on Tuesday, data from CoinMarketCap showed.

The move came after an anonymous crypto whale bought 276.6 billion SHIB tokens on Monday evening.

The Shiba inu coin is now the 11th largest cryptocurrency, with a market value of $ 18.8 billion.

The Shiba inu coin, a memes-based cryptocurrency based on another memes-based cryptocurrency that completely mocks cryptocurrencies, climbed more than 20% on Tuesday to a record high of 0.00004853 , according to data from CoinMarketCap.

The cryptocurrency surge was triggered Monday night after an anonymous crypto whale bought 276.6 billion shiba inu tokens for around $ 11.5 million, according to data from WhaleStats, which tracks the activity of 1000 largest ether wallets.

The purchase brought the crypto whale’s total holdings of shiba inu coins to 316.5 billion, worth around $ 15 million and the largest position in the portfolio.

The soaring shiba inu represents a new wave of risk sentiment among cryptocurrency traders, especially after bitcoin hit record highs earlier this month at around $ 67,000. Shiba inu’s surge on Tuesday catapulted its market value to $ 18.8 billion, making it the 11th largest cryptocurrency.

Read more: 25-year technical strategy veteran shares 5 altcoins near or at 52 week highs that are about to burst – and explains why Q4 is ‘a very positive time’ for bitcoin

To make it into the top 10, the shiba inu coin will need to nearly double its levels to regain the USD coin’s market valuation of around $ 33 billion. Dogecoin, the inspiration for the shiba inu coin, is said to be shiba inu’s next target. It has a valuation of $ 35 billion.

Fairlead Strategies technical analyst Katie Stockton said she believes the renewed rally in altcoins like shiba inu may continue if bitcoin manages to confirm its recent breakthrough by trading again above the 65 level. $ 000.

“A breakout in bitcoin in absolute terms would support a risky environment favoring Ether and other altcoins,” Stockton said in a note Tuesday. And that kind of environment could be a boon for the shiba inu coin.

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