Shiba Inu continues its astronomical surge despite the snub by Musk

3 min read | October 28, 2021 04:48 PM AEDT | By Jasmine Anand

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Shiba Inu continues its astronomical surge despite the snub by Musk — Image source: Orpheus FX, Shutterstock.com

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Meme crypto Shiba Inu soars to an all-time high in spite of a recent snub by renowned Dogecoin lover, Elon Musk.

The token further reached new heights with an online petition being signed asking Robinhood to offer trading of the said crypto on its platform.

The purchase of 277 billion SHIB tokens further added fuel to the fire.

Meme cryptocurrency Shiba Inu hits another all-time high as it traded at US$0.00006799 early Wednesday, with its value reaching up by 43.3% 24 hours prior to it and 141.5% in the last seven days.

It now ranks 11^th amongst top cryptocurrencies across the globe, boasting a market cap of around US$30.8 billion.

Cryptocurrency-Shiba Inu, Dogecoin, Bitcoin

SHIB registers astronomical growth

Touted as ‘Uptober’ by the online community, Shiba Inu has been racing to the moon throughout the month of October when compared to other cryptocurrencies.

It has almost doubled its investors’ wealth over the last one week.

Its latest rally is bewildering crypto users as the richest man on the planet rebuffed the coin stating he owns only Bitcoin, Ether, and Dogecoin and does not own any Shiba Inu token.

Do Read: How Elon Musk’s latest tweet brought Dogecoin back in focus?

It is noted that Shiba Inu crypto garnered attention when the Tesla boss bought a dog of the same breed and had tweeted on numerous occasions about it.

Interesting Read: Why Musk’s tweet about his dog did wonders for Shiba Inu

What is driving Shiba Inu’s price rally?

According to crypto experts, the astronomical rise in the Shiba Inu token is steered by a large online retail community, sentiments of crypto users, and their hopes.

As a result, the crypto is driving more value than the world’s largest cryptocurrency, Bitcoin, and its token has skyrocketed by nearly 700% in the last one month.

Moreover, a petition was signed by over 346,828 people urging the brokerage firm, Robinhood Markets, Inc., to offer trading of the meme coin on its platform.

This growing clamour for the financial services company to add the token has further heightened the price rise of Shiba Inu.

Purchase of enormous volume of Shiba Inu tokens by a crypto whale

Dogecoin’s rival, Shiba Inu, further moved higher when recently an anonymous buyer bought 277 billion SHIB tokens for nearly US$11.5 million.

With this purchase, the said crypto buyer’s total holdings of the meme currency now stand at 316.5 billion, which is nearly US$15 million.

Bottom Line

As Shiba Inu continues its dream run, it is very likely that it might turn into the numero uno meme coin in the near future.

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