Shiba Inu (SHIB) has witnessed a substantial surge in value over the last 24 hours, as the decentralized coin approaches $0.00005.
It’s worth mentioning that on October 26, 2021, an Ethereum whale bought 276,592,553,073 SHIB tokens, which is worth $11,510,207.
According to transaction records supplied by whalestats.com, one individual whale presently owns about $13,448,334 in Shiba Inu token, leaving many onlookers wondering if another price rise in either way is inevitable.
For a brief period on October 25, the SHIB’s 24-hour trading volume briefly topped that of Ethereum, the second-largest cryptocurrency by market capitalization and the network upon which it is constructed.
Indeed, the increased trading activity in SHIB during the previous 24 hours coincided with Ethereum’s highest-ever weekly closing in the cryptocurrency market.
SHIB increased by more than 50% on Sunday, reaching a new all-time high of 0.000044. Inflows of $4.64 billion during two days on October 23 and 24 fueled price gains, bringing the total amount of money in the market from $11.02 billion to $15.66 billion.
Due to the recent price hike, Shiba Inu is seeing a boost in the number of stores that are adopting it. Candoli Propiedades, an Argentine real estate business, has added the payment option to its list of authorized payments.
In addition, SHIB is now accepted in Le Bistrot d’Eleonore et Maxence, one of the most exclusive restaurants in Paris, France, specializing in French cuisine.
Despite Elon Musk’s latest rejection, major spot markets are still trading at all-time highs for cryptocurrency. According to CoinMarketCap.com, the cryptocurrency is currently trading at $0.00004752, up 21.15 percent in the last 24 hours and just 69.79 percent in the previous week, with a market value of $16.6 billion. It’s worth noting that the price of SHIB has risen significantly in the previous seven days, from $0.000028 to $0.00004752 USD, a significant increase.