The price of Shiba Inu is up more than 340% since last week, making it the 15th largest cryptocurrency by market capitalization.
Elon Musk Effect
The price of Shiba Inu has more than tripled in the past seven days. More precisely, it is up 344% from $0.000007057 on September 30 to $0.00003136 earlier today. Other major altcoins have barely risen in recent days. Here are some of the factors that may be driving SHIB’s massive surge in the past week.
On several occasions, Tesla founder Elon Musk has sparked a surge in Dogecoin and Bitcoin via tweets. The Shiba Inu price spike started three days ago, following a tweet from the billionaire about his new dog, who happens to be a Shiba Inu breed. As usual, the followers could only see this as a ‘buy sign’. Partly because of this, the volume increased by 770% within a day.
Whale Activities
There are also traces of whale activity on the SHIB market. On October 3, Cryptopolitan reported that a crypto whale, a major crypto investor, had collected a total of 276 billion SHIB. However, the whale barely affected the price until the next day when Musk posted his tweet. Musk may be behind the purchases.
After the price hike, an Ethereum whale has also bought nearly 200 billion SHIB. He did this for a total of $6.5 million. These whale purchases are important for price growth. However, they could be unhealthy in the future as the price could be drastically affected when these whales dump their property.
SHIB exceeds 700,000 coin holders
The recent revival of the Shiba Inu token caught the attention of not only the mainstream but also new investors. On Wednesday, the ShibaArmy celebrated a milestone of 700,000 SHIB holders. The number of holders has further increased to 712,754.
This indicates that crypto investors are interested in SHIB. As a result, the demand and price will undoubtedly increase as more investors continue to accumulate and join the community.
Some investors are sure that Shiba Inu is coming on the Rohinbood trading app. Robinhood opened a waiting list for Dogecoin in September, which has recently reached one million people. There are also rumors of a possible Shiba Chain, which will unlock more use cases for the dog-themed cryptocurrency. Currently, Shiba Inu is based on the Ethereum blockchain and thus does not have the ability to host smart contracts.