• Shiba Inu (SHIB) has seen an unusual surge in value, with the latest SHIB price surge being attributed to a move by a prominent crypto investor to transfer a multi-million-dollar sum of the ‚Dogecoin killer‘.
• The whale transferred $28.7 million worth of SHIB, provoking a massive buying frenzy among investors and increasing the Shiba Inu price.
• With the much anticipated Shibarium upgrade fast approaching, speculation continues to mount about when it will finally go live.
Shiba Inu (SHIB) is a meme token that has been gaining in popularity since the start of the year, rising from a low of $0.0000070 in September of 2020 to a peak price of $0.000088 by the first week of 2023. At the time of writing, the SHIB price is trading at $0.00000896, after gaining 3% in the last 24 hours to record a 24-hour trading volume of $442.3 million. With a live market cap of $4.9 billion, the SHIB coin ranks #16 on CoinMarketCap.
The most recent surge in SHIB’s value has been attributed to a move by a prominent crypto investor who transferred a multi-million dollar sum of the ‚Dogecoin killer‘. According to Whale Alert, the whale sent $28.7 million worth of SHIB, prompting a buying frenzy among investors and driving up the Shiba Inu price.
The much-anticipated Shibarium upgrade is also a factor in the SHIB price surge. Shibarium is a decentralized finance (DeFi) platform built on the Ethereum blockchain that is designed to offer users a range of services including decentralized margin trading, staking, governance, and more. Speculation about when the upgrade will go live continues to mount, with many investors expecting that the SHIB token will rise even further once it does.
All these factors combined have made Shiba Inu one of the most attractive tokens in the cryptocurrency space right now, and with its growing popularity, its price could very well continue to surge in the coming months.