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Shiba Inu up 344%, Here’s what could be driving SHIB price

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TL;DR

TL;DR Breakdown:

  • The price of Shiba Inu has increased by over 340% since last week, and it’s currently the 15th largest crypto by market cap.
  • Elon Musk, crypto whale investments, and market demand are some of the factors behind the pump. 

The price of Shiba Inu (SHIB) has more than tripled since the past seven days, precisely a 344% increase from the $0.000007057 price on September 30 to the current market price of $0.00003136. So, while other major altcoins barely made an increase in the recent days, SHIB investors are already up 4x with their investment. Here are some of the factors possibly behind the massive rise in SHIB in the past week.

Elon Musk effect

On several occasions, the founder of Tesla and SpaceX, Elon Musk, has stirred a brief increase in Dogecoin and sometimes in Bitcoin through announcements and tweets. The upsurge in the price of Shiba Inu notably began three days ago, following a tweet by the billionaire on his new dog, which happens to be a Shiba Inu breed. As usual, the followers could only see this as a “buy sign,” hence the 770% increase in volume within the day. 

It’s worth mentioning that the billionaire founder of Tesla may have stirred the run-up in Shiba Inu. 

Whale activities

There are also traces of whale activity in the SHIB market. On October 3, Cryptopolitan reported that a crypto whale – a deep-pocketed crypto investor – accumulated a total of 276 billion SHIB after three separate buys. However, the whale barely made an impact on the price until the next day when Musk made his tweet. It is possible that Musk is behind the whale purchases.

Now, following the surge in price, an Ethereum whale, “Light,” has also purchased nearly 200 billion SHIB at the total cost of $6.5 million. While these whale purchases are important for price growth in the meantime, they can be unhealthy in the future because the price can be drastically affected when these whales dump.

SHIB holders exceed 700k

The recent upsurge in the Shiba Inu token drew not only mainstream attention 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, with a total transfer count of 3,941,913 at the time of publication.

This indicates that crypto investors are interested in SHIB; thus, demand and price are bound to increase as more investors continue to accumulate and join the community. 

Bullish News on Shiba Inu

Some investors are positive that Shiba Inu will be listed on the Rohinbood trading app. Robinhood opened a waitlist for Dogecoin back 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. At the moment, Shiba Inu is based on the Ethereum blockchain, and so it lacks the capability to host smart contracts. 

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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