The price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has moved up nearly 20% in the last 24-hour period to trade at $0.00004715 at a time in which its trading volume has been rivaling that of other top cryptocurrencies and SHIB whales keep on accumulating.
According to data from CryptoCompare, the price of Shiba Inu’s token has moved up over 600% in the last three months over a retail trading frenzy that was bolstered by the cryptocurrency’s massive circulating supply being confronted with significant token burns.
The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE) how much SHIB Musk was holding.
Musk replied with one word, “none,” leading to a significant crash in the price of the cryptocurrency, which at one point was down more than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, to which he replied he only bought BTC, ETH, and DOGE.
SHIB’s trading volume also surged because of its token’s recent burn rate. The project has a decentralized exchange called ShibaSwap, which recently updated its listing plans to get new pairs and pools added to the decentralized exchange to burn $25,000 worth of SHIB and LEASH tokens to be created.
Some token pools on the exchange also implemented a burning system to destroy tokens and permanently remove them from circulation. According to available data, SHIB whales have been influencing the cryptocurrency’s price, as when whale transactions above $100,000 occur, prices rise.
Transaction data shows that a Shiba Inu whale has also recently purchased over 276 billion $SHIB, equivalent to over $11.5 million, as it keeps on accumulating. Shiba Inu’s performance, as reported, has seen it become the 11th most valuable cryptoassets by market capitalization.
The cryptocurrency has been criticized by Michael Burry, the investor best known for his lucrative bet against the housing bubble ahead of the 2008 financial crisis that was immortalized in the book and movie “The Big Short.”
In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one quadrillion tokens.
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