The value of the Shiba Inu has increased by 49%, allowing SHIB to enter the top 20 crypto coins list
Soon after an anonymous whale decided to buy 6.3 trillion Shiba Inu tokens and inflate the value of SHIB coin, the memecoin saw another massive increase in value, becoming one of the most traded coins by volume this week. SHIB coin has risen in value to become the world's 33rd largest cryptocurrency, with a market capitalization of $8.7 billion.
A tweet from the 'Dogefather' himself, who took to his profile on Sunday night and posted a photo of his pet Shiba Inu puppy named 'Floki Frunkpuppy' sitting on the open front hood of a Tesla, has fueled the rise. Multiple Doge-styled coins usually get a boost, which has become a trend with Elon Musk's recent posts on Floki.
Doge, the Dogecoin mascot, is also a Shiba Inu, and Dogecoin is a cryptocurrency that Musk has previously endorsed. As a result, shortly after Musk's tweet on Sunday, the value of both SHIB and Dogecoin skyrocketed.
However, the sharp increase in the value of Shiba Inu cannot be attributed solely to Musk's tweet. On October 1, an unknown whale purchased nearly 6.3 trillion SHIB tokens over the course of two days. The whale spent $43,838,900 on a massive 6 trillion SHIB coin purchase. The next day, SHIB whale bought another 116 billion coins, followed by two more 159 billion coin transactions and a 1 billion coin transaction.