(Asian News Hub) – Shiba inu coin, a meme-based cryptocurrency that is based off another meme-based cryptocurrency that makes fun of cryptocurrencies altogether, soared more than 50% on Wednesday to hit a record high of Rs 0.005760, according to data from WazirX.
The move higher in the cryptocurrency was sparked Monday evening after an anonymous crypto whale purchased 276.6 billion shiba inu tokens for about $11.5 million, according to data from WhaleStats, which tracks activity for the 1,000 largest ether wallets.
The purchase brought the crypto whale’s total holdings in shiba inu coin to 316.5 billion, worth about $15 million and the largest position in the wallet.
The surge in shiba inu represents a renewed wave of risk-on sentiment among cryptocurrency traders, especially after bitcoin surged to record highs earlier this month at about $67,000. Shiba inu’s surge catapulted its market value to nearly $20 billion, making it the 11th largest cryptocurrency.
