Shiba Inu prices have skyrocketed in recent days, reaching a multi-month high following a massive whale purchase.
An unidentified SHIB whale purchased more than $6 trillion of the asset a few days ago. Despite the recent TVL decline in Shiba Inu’s decentralized exchange, the token went on a tear in the following days, more than doubling in value.
Shiba Inu was launched to capitalize on the ongoing meme coin craze, which has countless investors rushing into the cryptocurrency space by portraying itself as a Dogecoin-killer.
It even went one step further than DOGE, which was created solely as a joke token, and launched a decentralized exchange earlier this year.
Shiba Inu investors appeared to be very interested, as the total value locked increased to nearly $2 billion in June and July. According to DeFiLlama, the TVL has now dropped significantly to less than $300 million.
Nonetheless, this hasn’t stopped a mysterious SHIB whale from buying up large chunks of the asset.
A recent transaction from late September revealed that they had purchased nearly 6.2 trillion of the token for $44 million.
In the days since, the price of SHIB has risen from around $0.0000715 to a daily high of $0.0000145 yesterday. This was the highest price since mid-May.
However, SHIB is still a long way from the all-time high of $0.00003791 set earlier this year, according to CoinGecko.