The price of Shiba Inu (SHIB) is trading at $ 0.000024 on Wednesday at press time. A week ago it was $ 0.0000067.
SHIB / USD 5-day chart. Source: Tradingview
The funny thing is that a single wallet bought more than 6 billion SHIB late last week. At that time the amount was the same $ 43.8 million.
Five days later, the price of the crypto asset tripled, jumping from $ 0.000007 to $ 0.000020.
That single portfolio made $ 75.46 million in five days.
The information comes from Exame, based on data from WhaleStats, which monitors the thousand richest addresses registered on the Ethereum network.
SHIB is named after the dog breed and is considered the 25th largest cryptocurrency in the world with a market value of more than 7.4 billion US dollars.
Again, one of the factors behind the new high is Elon Musk.
The billionaire, CEO of Tesla and SpaceX, posted a photo of his dog on Twitter on Sunday. The animal belongs to the Shiba Inu breed.
The release was enough for the price of the cryptocurrency of the same name to start rising.
Floki Frunkwelpe pic.twitter.com/xAr8T0Jfdf
to???? Elon musk (@elonmusk) October 4, 2021
In mid-September, Musk followed suit and posted a photo of the same sleeping dog, which caused the cryptocurrency to skyrocket, reports Cointelegraph.
Musk has become known in the cryptocurrency market for his opinions on them.
In addition to the enthusiasm for the meme-based Dogecoin, which has already grown with his support, the entrepreneur also likes to speak out for and against Bitcoin.
C.if he speaks for it, BTC is rising in price. But if he speaks against it, the largest cryptocurrency by market value will fall.