Shiba Inu Coin Soars By 60% The Past Month, Here’s Why!

Shiba Inu Coin Soars By 60% The Past Month, Here’s Why! 

Recently, popular memecoin Shiba Inu Coin has been taking up the limelight for its big gains throughout the past few weeks, helping the coin to rebound from its record lows just a few months back.

SHIB Prices Rise

According to data from CoinGecko, Shiba Inu coin ($SHIB) saw its price rise by almost 100% in the past three months as well as surging by about 67% in the past 30 days. 

The popular dog-themed memecoin, a big rival to its popular counterpart Dogecoin, is now trading at a price of $0.000014 at the time of writing along with a market cap of $8.3 billion.

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Reason For Its Rise

One of the biggest reasons for $SHIB’s big return these past few weeks may be due to the fact that the memecoin has been seeing a high amount of whale activity.

Over the weekend, an anonymous whale made a buzz in the community after their wallet was seen moving 3.2 trillion SHIB, worth around $47.6 million in total, to an unidentified wallet.

Aside from that, according to data from WhaleStats, it’s reported that the 5,000 largest Ethereum whales hold up to 50.9 Trillion SHIB, which would be worth around $735 million. This new data would suggest that SHIB is now the second largest altcoin holding among Ethereum whales, second only to the stablecoin Tether (USDT).

Related: Binance To Temporarily Suspend Transfers In U.S Dollars

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