Why the price of Shiba rose to record high

The shiba inu coin rose 22% to another record after the crypto whale bought 277 billion coins. Shiba inu coin, a meme-based cryptocurrency, rose more than 20% on Tuesday to hit a record high of $0.00004853, according to data from CoinMarketCap.

The rise in the cryptocurrency was fueled Monday evening after an anonymous crypto whale purchased 276.6 billion shiba inu tokens for approximately $11.5 million, according to data from WhaleStats, which monitors the activity of the 1,000 largest ether wallets. The acquisition brings the crypto whale’s total holding in the shiba inu coin to 316.5 billion, which is worth about $15 million and the largest position in the wallet.

The rise in Shiba Inu represents a renewed wave of risk-based sentiment among cryptocurrency traders, especially after Bitcoin rallied to record highs of around $67,000 earlier this month. The Shiba Inu’s rise on Tuesday skyrocketed its market cap to $18.8 billion, making it the 11th largest cryptocurrency.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.