Shiba inu coin soars 22% to another record after crypto whale buys 277 billion tokens
Nathan Frandino/Reuters/File Photo
Shiba inu coinsurged over 20% to a record high of $0.00004853 Tuesday, CoinMarketCap data showed.
- The move came after an anonymous
cryptowhale purchased 276.6 billion SHIB tokens Monday evening.
The move higher in the cryptocurrency was sparked Monday evening after an anonymous crypto whale purchased 276.6 billion shiba inu tokens for about $11.5 million, according to data from WhaleStats, which tracks activity for the 1,000 largest
The purchase brought the crypto whale's total holdings in shiba inu coin to 316.5 billion, worth about $15 million and the largest position in the wallet.
The surge in shiba inu represents a renewed wave of risk-on sentiment among cryptocurrency traders, especially after bitcoin surged to record highs earlier this month at about $67,000. Shiba inu's Tuesday surge catapulted its market value to $18.8 billion, making it the 11th largest cryptocurrency.
Read more: A 25-year technical strategy veteran shares 5 altcoins near or at 52-week highs that are about to break out - and explains why the 4th quarter is 'a very positive time' for bitcoin
To crack the top 10, shiba inu coin will have to nearly double its levels to take over USD coin's market valuation of about $33 billion. Dogecoin, the inspiration for shiba inu coin, would be the next target for shiba inu. It has a $35 billion valuation.
The technical analyst Katie Stockton of Fairlead Strategies said she thought the renewed rally in altcoins like shiba inu could continue if bitcoin managed to confirm its recent breakout by
"A breakout in bitcoin in absolute terms would support a risk-on environment favoring Ether and other altcoins," Stockton said in a Tuesday note. And that type of environment could be a boon for shiba inu coin.
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