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Why Shiba Inu coin has seen a massive rise in the last week

Why is Shib coin rising so much? There are 2 major reasons

Shiba Inu cryptocurrency token continues to raise as it joins Coinbase. Illustration by Alex Cochran, Deseret News

The price of the Shiba Inu cryptocurrency — a meme-based crypto token — has doubled in the last few days due to speculation over a major whale purchase.

  • A whale is often considered an investor who purchases a lot of a digital asset before selling it down the road.

Per Yahoo Finance, there has been “one mysterious whale” who has been “buying up massive amounts of Shibu Inu.”

  • In fact, one of these whales bought 6.2 trillion Shib coins, which cost about $44 million, per Yahoo Finance.

The cryptocurrency has seen increased social media attention in recent days. It began when Tesla CEO Elon Musk tweeted a picture of his dog, a Shiba Inu breed, named Floki. This inspired social media users to tweet out #SHIB without end, sending the hashtag to the top of Twitter, as I wrote for the Deseret News.

Ishan Arora — who works with Tykhe Block Ventures, a crypto hedge fund — said Shiba Inu might be launching a new project, which has increased interest in the crypto token, per Yahoo Finance.

  • “It started as a meme coin with no use case but that is being changed as the team seems to be working on certain things like a decentralised exchange,” he said.