- Shiba inu coin surged over 20% to a record high of $0.00004853 Tuesday, CoinMarketCap data showed.
- The move came after an anonymous crypto whale purchased 276.6 billion SHIB tokens Monday evening.
Shiba inu coin, a meme-based cryptocurrency that is based off another meme-based cryptocurrency that makes fun of
cryptocurrencies altogether, soared more than 20% on Tuesday to hit a record high of $0.00004853, according to
data from CoinMarketCap.
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
ether wallets.
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 bitcoinTo 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
trading above the $65,000 level again.
"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.