The price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has risen nearly 20% in the last 24 hours to $0.00004715, while its trading volume has surpassed that of other top cryptocurrencies and SHIB whales continue to accumulate.
According to CryptoCompare data, the price of Shiba Inu’s token has increased by more than 600 percent in the last three months, fueled by a retail trading frenzy fueled by the cryptocurrency’s massive circulating supply being confronted with significant token burns.
After a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE), how much SHIB Musk was holding, the cryptocurrency’s trading volume surpassed that of Ethereum.
Musk responded with a single word, “none,” causing a significant drop in the price of the cryptocurrency, which was down more than 10% at one point. Musk was then asked about Floki Inu, another meme-inspired cryptocurrency, to which he replied that he only purchased BTC, ETH, and DOGE.
SHIB’s trading volume has also increased as a result of its token’s recent burn rate. ShibaSwap, the project’s decentralized exchange, recently updated its listing plans to add new pairs and pools to the decentralized exchange in order to burn $25,000 worth of SHIB and LEASH tokens.
Some token pools on the exchange have also implemented a burning system to permanently remove tokens from circulation. According to available data, SHIB whales have been influencing the cryptocurrency’s price, as prices rise when whale transactions exceed $100,000.
🐳 #ShibaInu is back up to $0.00002885 while the spotlight is back on #Bitcoin and its close-in on its new #AllTimeHigh. But keep an eye on $SHIB's whale transactions exceeding $100k. When these transactions come in bunches, price rises generally follow. https://t.co/oeGN85BpXS pic.twitter.com/G9kJopNTHE
— Santiment (@santimentfeed) October 18, 2021
Transaction data show that a Shiba Inu whale has recently purchased over 276 billion $SHIB, which is equivalent to more than $11.5 million, as it continues to accumulate. Shiba Inu’s performance, as previously reported, has propelled it to the 11th most valuable cryptoasset in terms of market capitalization.
Michael Burry, the investor best known for his lucrative bet against the housing bubble ahead of the 2008 financial crisis, which was immortalized in the book and film “The Big Short,” has criticized cryptocurrency.
The head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one quadrillion tokens, in a now-deleted tweet.