The Shiba Inu token ranks 20th in the ranking of the largest cryptocurrencies by capitalization, according to CoinMarketCap. The market value of the meme crypto has exceeded $9 billion. Over the past day, Shiba Inu is up 62.16%, for the week, up 223%.
On October 5, Shiba Inu became the most popular token on US cryptocurrency exchange Coinbase. The daily trading volume of the meme crypto on the platform reached $1.3 billion, which is higher than that of Bitcoin. On October 6, the daily trading volume of Shiba Inu on Coinbase exceeded $1.8 billion.
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After the value of the altcoin started to skyrocket, one of the major shareholders transferred more than $83 million in Shiba Inu from one address to another. The transaction fee was $46. The whale bought 6.1 billion Shiba Inu coins at the end of September, paying approximately $43.8 million. Thus, in one week, he received about 74 million "profit."
The Shiba Inu token is called the "Dogecoin killer." The project's website claims its main task is to surpass Elon Musk's favorite cryptocurrency in terms of capitalization.