Cryptocurrencies are getting a lot of attention for investment in recent times. There are many cryptocurrencies available for investment at the moment. One of these is the Shiba Inu. This mimecoin has seen a huge jump in value in recent days for a variety of reasons. It has also emerged as one of the most traded coins this week. This has brought the Shiba Inu coin to a position where it is now the 33rd largest cryptocurrency in the world. Its market capital is $8.7 billion (about Rs 65,141 crore).
Investors get rich in 35 days
This new cryptocurrency is seeing a sudden spike in value, due to which it has been able to make a mark in the market. Let us tell you that till January this coin was not in any special discussion. But on May 10, investors noticed this. Because from April to May its value had increased manifold. Shiba Inu was at Rs 0.000003669 on 5 April 2021. Whereas after 35 days it reached Rs 0.002567. In the same period of 35 days, it converted 10 thousand rupees into 70 lakh rupees.
what is the rate today
Today the rate of this coin is Rs 0.00227438. If you look at its rate of Rs 0.000003669 as of April 5, then it has given a return of 61889 percent so far. That is, since then till now it has made an investment of 10 thousand rupees to about 62 lakh rupees.
why did it accelerate
An anonymous buyer bought this coin in two days and bought about 6.3 trillion (lakh crore) coins. Such an account is called a whale. This whale started its purchase on 1 October. He then bought 6 trillion coins worth about $43,838,900 (approximately Rs 3,27,81,19,505). Whale then went ahead and bought 116 billion coins the next day. This was followed by two more transactions of 159 billion and 1 billion coins.
Purchased a total of 276 billion coins
The total amount of these coins bought by whales on Saturday, October 2 was up to 276 billion. This led to a 5 percent increase in the price of the coin, after which it came down by about 3 percent. But this is hardly the first time a whale has changed the fortunes of MimeCoin. Launched in August 2020, the Shiba Inu was introduced to take advantage of the popularity of Dogecoin. Unlike Dogecoin, the Shiba Inu gained momentum.
how much is the value
Investors were increasingly interested in the Shiba Inu as the total value locked (TVL) in June and July approached $2 billion. Since then TVL has come down to less than $300 million. But that didn’t discourage the mysterious whale from buying a large stake in it. In fact, such interest from whales has only cemented the position of the Shiba Inu in the market over the past few months. Recently, Elon Musk also made a tweet about this coin, which had a positive effect on it.