Shiba Inu is experiencing a remarkable surge in price, with its value rising by 11% in the past 24 hours. This surge has contributed to an overall increase of 7% over the past week, bringing the current trading price of SHIB to $0.00002881.
There are several factors driving this surge in SHIB’s value. One significant event that has caught the attention of the crypto community is the substantial trades being executed by whales in the meme coin market, specifically targeting Shiba Inu (SHIB) and Pepe (PEPE).
For example, an anonymous whale recently shifted their investments from the frog-themed PEPE token to Shiba Inu. They initially held 1.97 trillion PEPE tokens valued at over $6.07 million, but then deposited them into Binance and made a profit of $3.49 million. Subsequently, the whale acquired approximately $75.9 billion SHIB for $893 million and transferred these assets to an undisclosed wallet. This significant shift from PEPE to SHIB demonstrates the investor’s confidence and may have contributed to the recent upsurge in SHIB’s value.
Another factor fueling the price surge is the speculation surrounding a potential Shiba Inu-themed exchange-traded fund (ETF). Following the U.S. SEC approval of Ethereum spot ETFs, the lead developer of Shiba Inu, Shytoshi Kusama, has questioned the community about the feasibility of a SHIB ETF. While no formal proposals have been presented by financial institutions, the enthusiasm within the community remains high, with an ongoing petition advocating for a SHIB ETF by Grayscale nearing its goal of 10,000 signatures. This demonstrates strong community support for the initiative.
The market activity of Shiba Inu has also been marked by notable fluctuations in transaction volumes. According to CryptoQuant’s data, there has been a significant surge in trading volume, with over 5.354 trillion SHIB coins valued at more than $132 million exchanged yesterday. This represents a 169% increase compared to the previous day, primarily driven by significant whale transactions. However, IntoTheBlock reported a relatively low number of transactions on May 27, with only 6,390 recorded.
The report also highlights a substantial rise in large-scale transactions, with 2,605 transactions ranging between $1k and $10M occurring yesterday, compared to 1,595 transactions on the previous day. Transactions involving at least $100k worth of Shiba Inu totaled approximately $91.04 million on May 27, indicating increased participation of large investors in the market.
It’s important to note that this content is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.