The rise of Shiba Inu (SHIB) to 15% has prompted an inquiry into the influences behind the Dogecoin (DOGE) nemesis; turns out, there is another driver in play aside from Elon Musk.
Apart from the misconstrued Elon Musk recent tweet as “Shiba Inu to the Moon,” causing Shiba Inu (SHIB) prices to rise, Santiment has revealed another important explanation for the 15%increase in the meme coin.
Elon Musk, the CEO of Tesla and SpaceX yet again proved that he can still turn tides when wanting to boost prices of coins via Twitter, when early on Monday he tweeted an animal riding a rocket. While this post was misconstrued as Shiba Inu (SHIB) by the crypto community, it could have been either Shiba Inu (SHIB) or its nemesis Dogecoin (DOGE).
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( •_•)
/ >🚀— Elon Musk (@elonmusk) October 17, 2021
The crypto community was overzealous in posting charts of the 10% rise of Shiba Inu (SHIB) in the thread of Musk’s tweet, while the coin incurred a surge of nearly 15%. Shiba Inu (SHIB) was trading at $0.00002885 at the time of writing.
The data vendor analytical team of Santiment notified that there would be a notable increase in the frequency of Shiba Inu (SHIB) transactions that include Shiba Inu (SHIB), worth a total of $100,000. According to the Santiment’s specialists, when significant transfers come in batches, a coin’s price is expected to surge.
🐳 #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
While over the weekend, a number of significant Shiba Inu (SHIB) token transfers were spotted by etherscan, with some containing up to 100 million coins, several subsequent transfers amounted to roughly 86 billion Shiba Inu (SHIB), which makes a total of 260 billion Shiba Inu (SHIB) tokens in total combined.
Note, the recent price surge of Shiba Inu (SHIB) prior to this one was boosted by huge Shiba Inu (SHIB) transfers by whales. One in particular acquired three batches of the meme cryptocurrency by buying 6 trillion Shiba Inu (SHIB) in a single transaction initially, before adding 276 billion Shiba Inu (SHIB) tokens on top of the first acquisition.
The petition to have SHIB listed on the Robinhood trading app, which was begun on Change.org, is close to reaching its goal of 300,000 signatures where by Sunday 250,000 signatures came in.
Turkey’s biggest exchange BtcTurk is working on listing Shiba Inu (SHIB) while India-based ZebPay has Shiba Inu (SHIB) already listed.
Crypto exchange titans Coinbase and eToro are already supporting Shiba Inu (SHIB).
Also read: Shiba Inu Price Prediction October 2021: Will SHIB Reach A New All-Time High?