Shiba Inu ($SHIB) whale transactions have been partially fueling the meme-inspired cryptocurrency’s bull run, according to data that shows large transactions occurred ahead of price rises.
According to cryptocurrency analytics firm Santiment, SHIB transactions exceeding $100,000 have generally surged ahead of cryptocurrency price rises. Notably, whales may be accumulating even more of the cryptocurrency ahead of these rises.
Last month, a leading Shiba Inu whale address purchased nearly $43 million of the cryptocurrency, ahead of a price jump. SHIB has long been supported by retail traders, who have been working to improve its liquidity.
Supporters of the meme-inspired cryptocurrency have been signing a petition asking commission-free trading platform Robinhood (NASDAQ: HOOD) to list their cryptocurrency on their platform. The petition, titled “Kindly request of Robinhood to list Shiba Inu coin” has, at press time, over 274,800 signatures from backers and is looking to reach 300,000.
Retail investor support has seen Shiba Inu become the 19th-largest cryptocurrency by market capitalization, ahead of Algorand (ALGO), Polygon (MATIC), Stellar (XLM), and Axie Infinity (AXS). The cryptocurrency was inspired off of Dogecoin, which now has a market capitalization of $32.1 billion.
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,” has revealed he is not a fan of Shiba Inu after the cryptocurrency rose over 340% in just 30 days.
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 saying it’s “pointless.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
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