The Shiba Inu cryptocurrency has become the 12th-biggest crypto token this week, seeing a 367% rise in just seven days, according to Bloomberg.
On Wednesday, Shib coin rose more than 70% in 24 hours, surpassing Litecoin and Avalanche’s AVAX to become the 12th-biggest crypto in terms of market value, per Bloomberg.
Per Yahoo Finance, there was “one mysterious whale” who has been “buying up massive amounts of Shibu Inu.”
- A “whale” is an investor who pumps a lot of money into a product or investment to raise its value and increase the rarity of the item.
Much of the recent rise comes after Tesla CEO Elon Musk tweeted a picture of his dog, a Shiba Inu breed, named Floki. Soon after, the hashtag #SHIB started to trend, which increased social media interest in cryptocurrency. More people bought into Shiba Inu coin, which increased its value, as I wrote for the Deseret News.
Musk’s tweet followed Coinbase adding the cryptocurrency token to its crypto token list, which means users can trade Shiba Inu coin on Coinbase.com and the company’s mobile app. As reported in the Deseret News, Shiba Inu coin had a spike in value after the launch.
However, insiders at AMB Crypto said at the time there were questions if SHIB coin could hold its value for the long haul, especially if a number of investors sold their coins.
- “This kind of behavior is the exact reason why SHIB is an untrustworthy asset because it is literally treated like a pump and dump asset. The instances observed yesterday are similar to what we saw at the beginning of the July rally,” AMB Crypto said.