The Shiba Inu (SHIB) meme coin has been a big dog lately. As of October 27, 2022, its price has increased by 15% in just a week. This is primarily attributed to whales purchasing tremendous quantities of the cryptocurrency.
Serious investors have purchased over $35 million worth of SHIB in one day. As the price has risen, so have the large purchases. While the coin broke its resistance level, someone bought 119.3 million units. One whale alone purchased 3.3 trillion units in one transaction. The value of this amount is $33.6 million.
Both of the buyers are new to the scene, and both sales took place over the span of 24 hours. Another reason for the positive momentum is SHIB’s spiking burn rate. In 24 hours, the burn rate shot up by a whopping 1,934%. This resulted in SHIB rising in value by 11% in the same time frame.
Simply put, Shiba Inu has seen exponential increases in a very short amount of time.
Meme coins tend to be unpredictable, but major developments in the crypto verse could prove to be stabilizing. The industry has been improving, and almost all digital assets have recently seen price increases.
At the time of writing, SHIB is valued at $0.00001161. Seven days ago, it was coming in at $0.00001001. Recent reports that the coin might soon be an option to make Netflix and Amazon purchases have also given SHIB a boost. Users will not be able to pay for these services directly with crypto but rather through the FCF Pay debit card.
Another significant announcement came from Condos.com and Pacaso, who will now accept SHIB for real estate transactions. At the moment, the future looks bright for Shiba Inus everywhere.
