Shiba Inu is making the news lately due to its Bitstamp listing, and now the price has surged enough to land the token a spot in Robinhood’s Top 5 Crypto Gainers.
What happened #ThisWeekInCrypto? New UK Prime Minister @RishiSunak is a crypto enthusiast and CBDC supporter, @warnerbros launches NFT-access movies in the WB Movieverse, and an Inflation-pegged “flatcoin” will track cost of living rather than a fiat currency or commodity. pic.twitter.com/MILQHXgRHu— Robinhood (@RobinhoodApp) October 29, 2022
The tweet above, from the official Robinhood Twitter page, clearly shows Shiba Inu as the #4 biggest moving cryptocurrency on their platform. But, why?
We just talked about the reasons why people are buying Doge right now, but a whale recently purchased $37.46 million worth of Shib. Actually, a couple of whales made big purchases, and on the same day, another whale bought $42.9M, or 3.94 trillion SHIB tokens.
What happened after those two whales bought a ton of Shiba Inu? Another one jumps in and spends $1.92 million on the popular altcoin. This meme-turned-utility-coin is one of the largest held tokens by ETH whales, so these big buy-ins should come as a surprise to those who have been paying attention.
It’s not just because Elon Musk, but it kind of is, as Shiba Inu seems to follow Dogecoin. Now, don’t get it twisted. Elon Musk is not a Shib advocate and he does not own any (that we know of). When Elon Musk makes the price of Dogecoin shoot up, Shib is likely to follow.
What do you think? How high do you think Shib can go and are you currently holding or looking to buy? Leave a comment below and let us know how you feel about the popular token!