Shiba Inu Coin Continues its Journey to the Top

Shiba inu coin is a meme-based cryptocurrency and it is also the world’s third most googled cryptocurrency in 2021. The cryptocurrency received 2.8 million searches on average per month so far in 2021. Bitcoin received 22 million searches on average per month and ethereum 6.3 million.

Its price jumped more than 20% to hit a record high of $0.00004853. The move higher in the world’s one of the largest cryptocurrencies was sparked on Monday evening. On Monday, an anonymous crypto whale purchased 276.6 billion shiba inu tokens for about $11.5 million. The purchase brought an anonymous crypto whale’s total holdings in shiba inu coin to 316.5 billion. Worth about $15 million.

Shiba inu coin and the largest cryptocurrency

The surge in meme-based cryptocurrency represents a renewed wave of risk-on sentiment among cryptocurrency traders. This month, the major cryptocurrency bitcoin reached the highest point in its history.

Some investors think that bitcoin has the ability to reach even better results. They support bitcoin despite continued criticism of the cryptocurrency by Jamie Dimon. He is the current CEO of JPMorgan Chase. Jamie Dimon once again attacked bitcoin, calling it “worthless” during a virtual summit on October 11.

Bitcoin rose to $66,974.77 around 10:45 a.m. EDT on October 20. Bitcoin’s previous all-time high was $64,888.99. Bitcoin jumped to $64,888.99 in April.

The first U.S. bitcoin exchange-traded fund helped to boost bitcoin’s price. The ProShares Bitcoin Strategy ETF started trading on October 19 on the New York Stock Exchange and its launch managed to generate significant visibility.

It is linked to futures contracts for the cryptocurrency. Hence, some market observers expressed their concerns regarding this particular fund, since it is not a spot ETF. Still, others interpreted its listing as signs of progress, speculating that the SEC’s decision to approve the fund means the SEC is coming closer to providing a spot bitcoin ETF with a green light.

Shiba inu coin’s market value rose to $18.8 billion. So, it is the 11th largest cryptocurrency in the world. It won’t be easy to join the list of the top 10 largest cryptocurrencies. To achieve that goal, shiba inu coin will have to nearly double its levels to take over the USD coin’s market value. The next target is dogecoin. It is the 9th largest cryptocurrency in terms of market value. Dogecoin has a $35 billion valuation.