Shiba Inu is up 8% today due to a massive jump in the market which has seen traders grab millions of dollars worth of SHIB.
Digital assets have recorded a turnaround this week with SHIB showing bullish activity in the last 24 hours. Top crypto assets, memecoins, and decentralized finance (DeFi) protocols have lower market leverage. Bitcoin is hovering around $71,000 while meme coins like Shiba Inu are attracting new inflows.
One crypto trader spent $14.88 million to buy SHIB in the last six hours as the price rallied. According to crypto-analytics platform Lukonchain, citing Etherscan data, one trader spent about $18.4 million worth about 4,849 ETH to buy 715.9B SHIB. This comes after SHIB’s price surged along with other crypto assets today.
Trader made millions from Shiba Inu
Earlier, traders made a fortune by buying meme tokens. The trader spent $400,000 to buy 5.5T coins and sold them for $121 million on two picks. Transactions that earned him more than $120 million attracted users to the token.
Recently bullish sentiments have shaped SHIB’s narrative with a large movement of assets recorded today. A whale that received 167 billion SHIB in 2021 created an additional 173 billion SHIB, Spotonchain wrote on X.
SHIB price increased by 8%
Shiba Inu rose 8.2% today after positive intraday trading and a swing in market sentiment. These gains narrowed the weekly losses to 5.1% and kept the monthly figure in the green zone at 3.1%. With the asset’s market capitalization at $15.2 billion, its daily trading volume increased by 48%. Although SHIB is down 70% from its all-time high, bulls believe the coin could hit further milestones.
Other meme coins and altcoins also gained heavily, fueling new arrivals in the crypto market.