InstaForex

October 7, 2021

Shiba Inu (SHIB) is crazy! What Really Happened?

 Shiba Inu (SHIB) excited its investors with a jump of more than 411% since September 28 from the $ 0.00000682 level to the daily high of $ 0.000035.


At the time of writing, SHIB posted a trading value of $ 0.00003286 with a jump of almost 83% in 24 hours.


This positive movement eventually brought the market value of SHIB past $ 13 million and placed this asset in 15th position, ahead of Litecoin (LTC) and after Avalanche (AVAX).


Not only that, the SHIB surge outpaced the performance of Bitcoin (BTC) and Ethereum (ETH) which only recorded a 20% increase last week.



Where are the factors to the SHIB surge?


Latest project

Shiba Inu is said to be launching its latest project, the establishment of a decentralized exchange (DEX) in the near future.

The news was announced personally by partner from Tykhe Block Venture, Ishan Arora in early October.

Whale impact

In late September, an unidentified whale was found to have purchased a large number of Shiba Inu.

The purchase involved about 6.2 trillion SHIBs at a price of about $ 44 million. Based on current prices, that amount is worth $ 201.25 million!

His actions have indirectly prevented SHIB’s total locked -in value (TVL) from falling below $ 300 million.

Elon Musk

The founder of Tesla once again sparked the SHIB price uproar with his latest tweet.

On October 4, the figure shared a picture of his latest Shiba Inu pet dog named ‘Floki’.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf


- Elon Musk (@elonmusk) October 4, 2021