The price of Shiba Inu has exploded in the past few days, reaching a multi-month high following a massive whale purchase.
An unknown SHIB whale purchased more than six trillion of the asset days ago. The token went on a roll in the following days and doubled its value, despite the recent TVL decline in Shiba Inu’s decentralized exchange.
By portraying itself as a Dogecoin-killer, Shiba Inu was launched to take advantage of the ongoing meme coin craze, which has countless investors rushing into the cryptocurrency space.
It even took it a step further than DOGE, which was simply created as a joke token, and released a decentralized exchange earlier this year.
Investors indeed seemed highly interested in Shiba Inu as the total value locked surged to nearly $2 billion in June and July. Now, though, the TVL has declined substantially to under $300 million, according to DeFiLlama.
Nevertheless, this has not stopped one mysterious SHIB whale from buying massive portions of the asset.
A recent transaction from late September showed that they had bought nearly 6.2 trillion of the token for approximately $44 million.
In the days that followed, the price of SHIB skyrocketed from roughly $0.0000715 to a daily high of $0.0000145 yesterday. This became its highest price level since mid-May.
However, SHIB is still a long way away from the all-time high reached earlier this year of $0.00003791, according to CoinGecko.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
