New Delhi: Self-claimed DOGEKILLER Shiba Inu is trying to overtake Elon Musk’s favourite cryptocurrencies DOGE as it is growing its market capitalization. SHIB is among the topmost traded crypto coin on Binance, Coinbase and Huobi.
As per the data, In the last week, SHIB has surged more than 260%. Shiba Inu is among the coins which have witnessed massive gains this year.
SHIB’s price surged more than 55% on October 5 after a Tweeted done by Tesla chief Elon Musk. This is not the first instance that a tweet by some influential person has led to an increase in the price of the coin.
As per reports, an anonymous whale decided to buy almost 6.3 trillion SHIB in over 2 days. The so-called SHIB whale began to buy coins on October 1 and bought gigantic 6 trillion SHIB coins worth around $43,838,900 (around Rs. 3,27,81,19,505).
SHIB whale went ahead to buy another 116 billion coins the other day which were followed by two more transactions of 159 billion coins and another 1 billion coins.
SHIB whale purchased 276 billion on October 2, said a report.
Shiba Inu has a market capitalization of $9.3 billion and experts are comparing SHIB’s current rally with the Dogecoin’s price rise in April 2018.
There have been many developments in the Shiba Inu ecosystem that have contributed to the ongoing rally and the key factors are:
1) The implementation of the burn mechanism
2) The announcement of the launch of 10,000 Shiboshis on ShibaSwap
3) The rise in the number of token holders
An expert has compared DOGE’s run to its all-time high to Shiba Inu’s ongoing rally.
Shiba Inu is preparing to get into gaming and holders are expecting a boost in its demand. Earlier Shiba Inu was facing two main challenges
1) Lack of liquidity
2) Lack of ecosystem updates