Why Shiba Inu price has soared 146% in the past week
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.
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.
Disclosure: The author owns a range of cryptocurrencies at the time of writing