Shiba Inu (SHIB) has remained one of the trending pieces over the past few weeks. The meme token gained significant value in 2021 due to a sharp increase in its interest in retail. As a result, SHIB whale transactions reached an all-time high.
According to Santiment, one of the leading crypto analysis companies, SHIB whales are moving digital asset in large quantities. The company added that Shiba Inu’s whale transfers play an important role in its price action.
“Shiba Inu is back at $ 0.00002885 as the spotlight is back on Bitcoin and its closing on its new all-time high. But keep an eye out for SHIB whale transactions exceeding $ 100,000. When these transactions are bundled, price increases generally follow, ”Santiment pointed out on Twitter.
Last month, a large account of Shiba Inu whales purchased nearly $ 43 million worth of SHIB coins. After the purchase, the price of the coin itself increased dramatically. On October 6, 2021, the price of SHIB jumped over 60% in a matter of hours.
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Shiba Inu market capitalization
Shiba Inu crossed the market capitalization of $ 11 billion on Wednesday. SHIB is the 19th most valuable cryptocurrency in the world. In terms of market capitalization, SHIB is right behind Bitcoin Cash. People consider SHIB to be Dogecoin’s (DOGE) biggest competitor. While the difference between the market capitalization of SHIB and DOGE is still significant, the recent growth of Shiba Inu indicates that the coin itself has the potential to overtake Dogecoin as the world’s most valuable social token.
Despite a small correction of 2% over the past seven days, Shiba Inu is still more valuable than several digital currencies, including Algorand (ALGO), Polygon (MATIC), Stellar (XLM) and Cosmos (ATOM). The cryptocurrency is now targeting the market capitalization of Litecoin (LTC), Chainlink (LINK), Avalanche (AVAX) and Terra (LUNA).
The difference between the market capitalization of DOGE and SHIB is currently around $ 20 billion.
