Why Shiba Inu price has soared 146% in the past week

Posted: 27 October 2021 6:16 pm
News
shibainuprice29oct_finder_1800x1000

Since 26 October, SHIB has been able to rake in gains in excess of 17.5%.

  • SHIB's total market cap currently stands at AUD$32 billion whereas DOGE's total valuation lays around the AUD$45 billion range.
  • Shiba Inu's ongoing ascent can, in large part, be attributed to its listing on a number of prominent cryptocurrency exchanges including Coinbase.
  • A crypto whale recently purchased 276.6 billion SHIB tokens, bringing their total haul to a whopping 316 billion coins (worth approximately AUD$20 million).

Even though a vast majority of the cryptos in the top 10 have been faced with a lot of volatility over the last 24-48 hours, Shiba Inu, a Dogecoin-inspired meme token, has continued to garner an increasing amount of mainstream price traction, with the currency up 588% over the last 30-days. At press time, SHIB is trading for AUD$0.000065.

As a result of its ongoing growth, SHIB has now become the 11th largest crypto asset by total market capitalisation, having accrued a value of more than $24 billion since its launch – which was a little less than a year ago. Many analysts are speculating that a recent petition on Change.org asking Robinhood to list Shiba Inu on its platform could have had a role to play in the development.

The petition has already been able to muster more than 326,000 signatures, with Robinhood CEO Vlad Tenev acknowledging the same. In fact, as part of his company's recent earnings call, he noted that his team was "carefully" considering adding new crypto tokens to its existing pool – indirectly hinting at the addition of SHIB in the near future.

Robinhood's recent growth has been spurred by the company's decision to incorporate crypto into its existing framework, with the company recently revealing that the waitlist for its highly anticipated crypto wallet has already topped more than 1 million people. As per the firm's recently released documents, 64% of its crypto revenue over the past year came from Dogecoin alone.

It should also be noted that Shiba Inu was listed by Coinbase Global last month, a move that may see other prominent trading platforms warming up to the idea of adding SHIB to their respective interfaces as well.

How to buy Shiba Inu

Looking ahead

SHIB's current ascent coincides with an anonymous crypto whale purchasing a massive haul of 276.6 billion Shiba Inu tokens yesterday – for a total sum of US$11.5 (AUD$15) million. As a result of the acquisition, the whale's total SHIB holdings are now estimated to be worth 316.5 billion tokens or approximately US$15 (AUD$20) million.

Last but not least, it bears highlighting that Shiba Inu's market performance seems to have remained largely unaffected even after Tesla CEO Elon Musk revealed earlier this week that he did not own any SHIB, instead claiming that he only has positions in Bitcoin, Ether and Dogecoin.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD, NZD

293
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

310
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 290 cryptos.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

271
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
loading

Compare up to 4 providers

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.


Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site