Shiba Inu (SHIB) remained one of the most trending coins in the last few weeks. The meme token gained significant value in 2021 due to a sharp rise in its retail interest. As a result, SHIB’s whale transactions have reached a record high.
According to Santiment, one of the leading crypto analytics firms, SHIB whales are moving the digital asset in large amounts. The company added that Shiba Inu’s whale transfers play an important role in its price action.
“Shiba Inu is back up to $0.00002885 while the spotlight is back on Bitcoin and its close-in on its new all-time high. But keep an eye on SHIB’s whale transactions exceeding $100k. When these transactions come in bunches, price rises generally follow,” Santiment highlighted on Twitter.
Last month, a leading Shiba Inu whale account purchased nearly $43 million worth of SHIB coins. Following the purchase, the price of the meme coin jumped significantly. On 6 October 2021, SHIB’s price jumped by more than 60% within few hours.
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Shiba Inu’s Market Cap
Shiba Inu crossed the market cap of $11 billion on Wednesday. SHIB is the 19th most valuable cryptocurrency in the world. In terms of market cap, SHIB is just behind Bitcoin Cash. People consider SHIB as the biggest competitor of Dogecoin (DOGE). While the difference between the market cap of SHIB and DOGE is still significant, Shiba Inu’s recent growth indicates that the meme coin has the potential to overtake Dogecoin as the world’s most valuable social token.
Despite a small correction of 2% in the last seven days, Shiba Inu is still more valuable than several digital currencies including Algorand (ALGO), Polygon (MATIC), Stellar (XLM), and Cosmos (ATOM). The cryptocurrency is now targeting the market cap of Litecoin (LTC), Chainlink (LINK), Avalanche (AVAX), and Terra (LUNA).
The difference between the market cap of DOGE and SHIB currently stands at around $20 billion.