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Highlights
- The global cryptocurrency market cap is now at US$2.58 trillion after a mysterious buyer bought 277 billion tokens of Shiba Inu, a young altcoin.
- The total cryptocurrency trading volume was US$177.6 billion in 24 hours at 8:38 PM AEDT on 27 October 2021.
The crypto world is enthralled by anonymity, secrecy, and mystery, and as a result, cryptocurrencies have risen in popularity. Sometimes, such mysterious buyers propel the cryptocurrency market to new highs.
Investing in cryptocurrency benefits from obscuring users' identities and transactions, which most individuals are drawn to. The cryptocurrency fever isn't going away any time soon.
The total cryptocurrency trading volume hit a record volume of US$177.9 billion in the last 24 hours, recording an exponential surge in crypto trading on 28 October 2021 at 8:38 PM AEDT.
Related Article: Shiba Inu soars on a record-breaking bull run to become the 13th largest crypto
According to CoinMarketCap, here are the six altcoins which are the top gainers in the market.
Source: Coinmarketcap, 28 October 2021, 8:38 PM AEDT
Related Article: The "Dogecoin-killer" Shiba Inu returns to the crypto spotlight with a price hike
The global cryptocurrency market cap is now at US$2.58 trillion after a mysterious buyer bought 277 billion tokens of Shiba Inu, a young altcoin. The price of a Shiba Inu coin crossed US$0.00008845, in last 24 hours. At 8:38 PM AEDT on 27 October, SHIB is trading at US$0.00006536.
What propels Shiba Inu to break every prior record?
Shiba Inu, the dog-themed crypto, is currently gaining traction faster than Bitcoin, the world's oldest and most prominent cryptocurrency. Someone or a group of people in any part of the world keeps a close check on Shiba, and their sudden massive purchases cause Shiba's price to continue shattering all records. SHIB was launched in August of 2020, and within a year, the cryptocurrency had experienced unprecedented growth and is on an unstoppable path.
On 1st October, an anonymous buyer went on a two-day SHIB coin shopping spree, purchasing 6.3 trillion Shiba tokens. SHIB has attracted the attention of crypto whales, who have placed large bets on the Dogecoin competitor. They pushed the coin so far that it broke every prior record.
After a dramatic surge in October that sent the popular meme coin Shiba to a new high, it is currently the 11th largest cryptocurrency market cap. Shiba has risen by more than 600% in recent weeks, hitting a new high.
Shiba Inu's recent spike has been fuelled by an Ethereum whale who purchased 277 billion SHIB tokens for US$11.5 million.
Supporters of the "meme coin" think it is a viable alternative to Dogecoin, controversial crypto that began as a joke but quickly rose in value. As a result, Shiba is now on the verge of displacing Dogecoin from the top ten most valued cryptocurrencies list.
Related Article: After Shiba Inu’s rally, 5 meme cryptos to watch in 2022
Bottom line
The crypto market's enigma is attracting the attention of many people. The cryptocurrency market is unpredictable and unregulated, which means that anyone can manipulate the price from the comfort of their own home. Shiba Inu witnessed a dramatic surge in last 24 hrs, but it is also possible that they will plummet again the next day.
Related Article: Shiba Inu coin burning prompts price surge
