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Shiba Inu increased by 651%, in this news from Pooyan Music site, we will discuss it. This price increase caused the zeros in the SHIB price to be removed.
In this part of the news, we will examine the reasons for the price increase of Shiba Inu.
One of the main reasons for the price increase was the significant increase in whaling activity. On October 28, 2023, a single wallet purchased 70 trillion SHIB tokens, worth approximately $1.2 billion at the time. This single purchase sent shockwaves through the market and triggered a buying frenzy.
Other large trades followed, driving the price up further. In total, more than $56 million SHIB was traded by whales in a 24-hour period, representing a 1000% increase in whale activity compared to the previous day.
The sudden increase in demand for Shiba caused short positions to be squeezed. Many traders had bet against SHIB and shorted the token in anticipation of a price drop. However, the whales’ unexpected buying caused the price to rise rapidly, forcing short sellers to buy their borrowed tokens at a much higher price, which added to the bullish momentum.
The increase in the price of this currency can be caused by positive news and advertisements about the Shiba Inu project. The team behind the project has made significant progress in developing its Layer 2 scaling solution, Shibarium, which is expected to address the high transaction fees on the Ethereum network. Additionally, there was growing speculation that SHIB could be listed on major cryptocurrency exchanges such as Coinbase and Robinhood, which would further increase its exposure and liquidity.
All in all, the combination of these factors led to Shiba Inu’s epic price hike, removing five zeros from its price and bringing it into the top 20 major cryptocurrencies by market capitalization.
It is important to note that the digital currency market is very volatile and prices can fluctuate quickly. While SHIB’s recent price increase is impressive, it’s important to do your research before investing in any cryptocurrency.
Past performance of a currency like Shiba is not indicative of future results. Just because SHIB has performed well in the past does not guarantee that it will continue to do so in the future.
The cryptocurrency market is highly speculative. There is no guarantee that any digital currency will succeed and it is possible that SHIB will lose value in the future.
You should only invest the amount of your money that you can afford to lose. Digital currency is a risky investment.
