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Shiba Inu gains 10% overnight as ETH whale invests $11M

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  • Shiba Inu experienced a rise in price by almost over 50%.
  • Shiba Inu gains 10% and became the 11th-biggest cryptocurrency in terms of market value for the first time.

Shiba Inu coin, also known as a dogecoin spin-off, was initially introduced as a bit of a joke. But now, it has been in the mainstream news after Shiba Inu gains 10% overnight. Crypto investors have taken it seriously to the extent where they have shown interest, making it the next big thing. As Shiba Inu gains much of its popularity from Elon Musk’s tweets, the recent 10% gains show that Elon Musk is not the only one interested in bringing Shiba Inu to new heights.

Due to the recent impeccable performance, Shiba Inu (SHIB) has seen a significant rise in value overnight as the decentralized token moves closer to the $0.00005 mark. On October 26, 2021, It’s worth noting that an Ethereum whale purchased 276,592,553,073 SHIB tokens equivalent to $11,510,207, resulting in a massive 10% gain in value overnight.

As per the transaction details, this specific whale currently possesses almost $13,448,334 in the Shiba Inu token. This leaves many observers and potential investors struggling with the question of whether another price surge in either direction is inevitable or not.

SHIB recent price volatility

The 24-hour trading volume of the SHIB surpassed that of Ethereum, which is the second-largest cryptocurrency in the world by market capitalization, for a short while on October 25. Not only that, the escalated trading volume in SHIB over the 24 hours occurred when Ethereum managed to reach its highest-ever weekly close in the crypto market.

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Recently, SHIB achieved an exciting development and experienced a rise in price by almost 50% on Sunday, celebrating a new all-time high of 0.000044. The recent price increase was boosted by inflows of $4.64 billion over two days on October 23 and 24. This resulted in an ultimate increase in the total amount of money in the market from $11 billion to almost $15 billion.

The reason behind Shiba Inu gains

Shiba Inu initially developed as a meme coin and was also promoted as the “Dogecoin killer,” surged to record highs over the weekend and became the 11th-biggest cryptocurrency in terms of market value for the first time.

Surprisingly, Shiba Inu gained 10% overnight, and this tremendous rise was mainly fuelled by two reasons. One, there were unidentified and unconfirmed rumors floating in the crypto world that the coin is quite near to being listed on Robinhood’s popular stock trading app. The other apparent reason for its impeccable rise was tech billionaire Elon Musk, who recently tweeted a photograph of the SHIB token going towards the Moon.

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The impact of rise on adoption

Shiba Inu is now experiencing an increase in the number of retailers embracing it, as the recent price rise made them. The exciting thing is that the payment method has recently been added to the list of acceptable payments by real estate firm Candoli Propiedades.

SHIB’s popularity has earned its acceptance in one of the most exclusive restaurants in Paris, France, specializing in French cuisine.

Despite the rejection faced by Elon Musk, The digital currency is presently trading around its all-time high on significant spot markets. Currently, the token is trading at almost $0.00004204, up 10.10% in 24 hours and up just 49.70% in the last week, with a market capitalization of $16.6 billion, as per CoinMarketCap.com statistics.

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Conclusion

The newly emerged digital token has successfully cashed gain by attracting merchants, investors, and traders. Though there was a slight downward trend because of the question asked by the Twitter account of Shiba Inu about how much (SHIB) is held by Elon Musk. Despite all the obstacles, It’s worth noticing that the value of SHIB has increased dramatically in the last seven days, from $0.000028 to $0.00004205.

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Will Newegg Accept Shiba Inu? Mysterious Tweet Reignites Rumors

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Shiba Inu hodlers are trying to wrap their heads around a mysterious tweet posted by the token’s official Twitter account

The Shiba Inu community has been bewildered by the #friendshib hashtag posted by the official Twitter account of the meme cryptocurrency.

It is accompanied by the egg emoji, which might be hinting at a potential partnership with electronics retail giant Newegg, according to some SHIB hodlers.  

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The same tweet was posted by lead developer Shytoshi Kusama, fueling anticipation within the community. Both tweets have generated more than 9,000 likes at the time of writing along with thousands of replies.  

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As reported by U.Today, Newegg tagged both accounts last Saturday, prompting rumors about possibly adding SHIB as a payment option.      

The official account of the Shiba Inu token posted a 16-second teaser that shows a set of lightbulbs gradually lighting up on Thursday. The community started speculating that this could be related to a potential partnership.

Notably, the video clip also displayed a logo that seemingly combines “W” and “V.”

On Thursday, Kusama tweeted that he would publish a Medium blog post about Shiba Inu Games and announce a consultant who would work with the game studio. 

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Some have suggested that it could be William Volk, former vice president of American video game publisher Activision, based on his initials. The fact that Kusama follows him on Twitter made the rumor more plausible. 

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Shiba Inu Community Puzzled by Mysterious Twitter Hashtag. Is New #Friendshib on the Horizon?

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Shiba Inu hodlers are trying to wrap their heads around a mysterious tweet posted by the token’s official Twitter account

The Shiba Inu community has been bewildered by the #friendshib hashtag posted by the official Twitter account of the meme cryptocurrency.

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The hashtag in question was also posted by lead developer Shytoshi Kusama, fueling anticipation within the community. Both tweets have generated more than 5,000 likes at the time of writing. 

As reported by U.Today, the official account of the Shiba Inu token posted a 16-second teaser that shows a set of lightbulbs gradually lighting up. The community started speculating that this could be related to a potential partnership.

Notably, the video clip also displayed a logo that seemingly combines “W” and “V.”

On Thursday, Kusama tweeted that he would publish a Medium blog post about Shiba Inu Games and announce a consultant who would work with the game studio. 

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Some have speculated that it could be William Volk, former vice president of American video game publisher Activision, based on his initials. The fact that Kusama follows him on Twitter made the rumor more plausible. 

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Tech Savvy Crooks Are Stealing Millions in Bitcoin, Ethereum and Shiba Inu Through YouTube Live: Report

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Scammers are using compromised YouTube accounts to steal millions of dollars in crypto from unsuspecting viewers, according to a new report.

The cybersecurity firm Tenable says digital thieves are employing a savvy blend of fake celebrity endorsements and trending cryptocurrencies to reap illicit gains through fake giveaway events.

Analyst Satnam Narang says the scammers are utilizing YouTube Live to create supposed live streams that in actuality broadcast pre-recorded, ripped-off and manipulated content.

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“To promote the fake cryptocurrency giveaways on YouTube, scammers follow a very basic templated approach… Each video contains a section that features an unrelated interview involving notable [crypto] figures…

The videos contain a section that features the URL for the so-called event or giveaway. This section is not clickable, which means the user has to manually type in the URL to reach it.”

Once the viewer visits the scammers’ website, they are asked to send funds to a crypto address and told they will later receive double their money or more in return.

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The crooks are stealing popular crypto assets including Bitcoin (BTC), Ethereum (ETH) and popular memecoin Shiba Inu (SHIB).

Narang says that in a recent month-long survey of YouTube Live scams, he counted at least $8.9 million in fraudulent activity.

The report goes on to explain how familiar faces are ideal to use as bait when luring in victims.

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“Scammers recognize that users place a lot of trust in influential voices. Combined with the plethora of existing interview footage featuring many of these notable figures, scammers have developed a formula that adds legitimacy to their efforts and has continued to work for years.”

The report notes that an important aspect of running a successful scam is to take over an existing YouTube account that already has a large subscriber base. This leverage provides an air of legitimacy and increases the likelihood that a significant number of people will encounter the video.

The presentations are designed to be slick and professional, such as this fake Elon Musk/SHIB promotion.

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Source: Tenable

Tenable notes that after Musk’s appearance on popular late-night comedy show Saturday Night Live back in May, hackers made off with over $10 million via fake crypto giveaways.

In response to the proliferation of fraud on its platforms, Google’s Threat Analysis Group recently posted a wide-ranging report called “Phishing campaign targets YouTube creators with cookie theft malware.”

The section about crypto fraud states,

“A large number of hijacked channels were rebranded for cryptocurrency scam live-streaming. On account-trading markets, hijacked channels ranged from $3 USD to $4,000 USD depending on the number of subscribers.”

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