Soon after an unnamed whale decided to buy 6.3 trillion Shiba Inu tokens and increase the valuation of the SHIB coin, Memecoin saw another huge jump in value, becoming one of the most traded coins by volume this week. emerged as The development has propelled the SHIB coin to the position where it is now the 33rd largest cryptocurrency in the world, with a market cap of $8.7 billion (approximately Rs 65,141 crore).
The leap got a boost from a tweet by the ‘dogfather’ himself, who took to his profile on Sunday night and deployment of A photo of their pet Shiba Inu puppy named ‘Floky Frankpuppy’ sitting on the open front hood of a Tesla. What has become a topic lately with Elon Musk’s post on Floki is that the many Doge-style coins usually get promoted.
Doge – Dogecoin’s mascot is also a Shiba Inu, and Dogecoin is a cryptocurrency that Musk has explicitly supported in the past. Therefore, both Shiv And dogecoin Musk’s tweet on Sunday saw a sharp spike in valuations soon after.
This isn’t the first time something like this has happened. Also last month, Musk shared a photo of Floki and several Floki-themed altcoins saw a sharp rise in values. Musk isn’t the only one who has made a big bet on SHIB. Ethereum co-founder Vitalik Buterin donated $1 billion (about Rs 7,486 crore) SHIB to India’s COVID-Crypto Relief Fund.
In this case, though, the sharp rise in the Shiba Inu’s valuation can’t really be attributed to Musk’s tweet alone. On October 1, an unnamed whale made a decision to purchase approximately 6.3 trillion SHIB tokens over a period of two days. Whale bought 6 trillion SHIB coins worth approximately $43,838,900 (approximately Rs 327 crore). The SHIB whale proceeded to buy 116 billion coins the next day, which was followed by two more transactions of 159 billion coins and another 1 billion coins.
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