When the hashtag #SHIB began trending on social media platforms in the previous few days, Shiba Inu swung into a bullish mode, making its investors a lot of money.
Some crypto traders and investors don’t want to lose out on Dogecoin’s boom, which started in early 2021. And investors received a taste of that euphoria thanks to DOGE, the king of meme coins. As a result, they are less hesitant to invest in digital assets this time around.
Elon Musk tweeted a lot about Dogecoin in February 2021, causing the coin to skyrocket in value and making many individuals wealthy. Furthermore, at times, Tesla’s CEO has referred to the meme coin as “better than Bitcoin”.
Investors at the time saw the currency as a “get in, get out” opportunity. However, Musk’s influence on cryptocurrency has waned over time. The crypto community, on the other hand, claims that things are different with Shiba.
On September 30, an unnamed whale investor purchased about 6 trillion SHIBA Inu coins valued at around $43 million before the rally. He also added 276 billion tokens on October 2, just a few days before the rally began on the 4th.
Shiba Inu was introduced to the community as an “experimental token,” but the cryptocurrency will be used in the ShibaSwap Decentralized Exchange. As a result, the token currently has higher utility than its competitor, DOGE.
ShibaSwap, a Shiba DEX subsidiary, has topped $1 billion in total value locked (TVL) in just 24 hours after its introduction in July. It now has a $270 million TVL.