By George Ward
The price of the meme coin, Shiba Inu (SHIB), surged by about 15% in the past week. This is due to the large amount of SHIB tokens bought by crypto whales during the period. Perhaps, the token is gearing up for a bull run.
Crypto Whale Buy $35M Worth Of Shiba Inu
According to Coinmarketcap, Shiba Inu’s price has jumped by about 15% in the past seven days. Meanwhile, crypto whales have been scooping large amounts of the token recently.
These large buys might have contributed to SHIB’s price increase. In the past 24 hours, a crypto whale has bought over 3.3 trillion SHIB (worth about $35 million). Meanwhile, the coin’s trading volume has also surpassed $617 million.
As the coin was preparing to retest resistance at $0.00001800 and $0.00001185 price levels, a whale bought over 119.3 billion SHIB. Then, another whale also bought over 3.36 trillion SHIB.
These transactions worth over $33.6 million took place within the last 24 hours. Nevertheless, some developments have been taking place in the Shiba ecosystem.
One of them is the upcoming Shiba metaverse. Several SHIB supporters believe this initiative will increase the utility of cryptocurrency.
Also, DOGE, another meme coin, witnessed massive price hikes recently. The coin increased by about 21% in the past week. This is good news for meme coin lovers. However, the recent price increase may only last for a while.
SHIB Token’s Increasing Acceptance For Payment Settlement
It is worth mentioning that the increase in SHIB’s price comes after a rise in its burn rate. According to the Shiba Inu Burn tracker, the token’s burn rate has jumped by about 1,934% in the past 24 hours.
This could be the reason for the coin’s price spike. Also, the token has recorded a 15% increase in the past week.
At the moment, the token is trading at $0.00001057, down by over 4.9% in the past 24 hours. Seven days ago, Shiba Inu was trading at about $0.00001001.
Furthermore, the token has hit another record. SHIB crossed $6 billion in market cap for the first time in three weeks.
According to multiple reports, SHIB holders would soon be allowed to pay for Amazon and Netflix services using their SHIB tokens. FCF Pay, a crypto payment gateway, announced this service on Twitter.
According to the crypto payment firm, its prepaid debit crypto card will support SHIB soon. Meanwhile, users will not be paying for Amazon and Netflix directly.
Instead, they would do so using FCF Pay’s crypto debit card. Presently, the crypto card supports several crypto assets and will add SHIB soon.
FCF Pay converts digital assets into fiat currency automatically once customers make purchases. Also, Condos.com and Pacaso, two real estate firms, will start accepting SHIB through BitPay.