Shiba Inu’s unstoppable price rally in October this month has helped this crypto investor turn a mere $8000 worth of investment into a staggering $5.7 billion. As reported by Morning Brew today:
This wallet bought roughly $8,000 of $SHIB last August. It’s now worth $5.7 billion. From $8,000 to $5.7 billion in roughly 400 days. We may actually be looking at the greatest individual trade of all time.
Shiba Inu has been consistently hitting new all-time highs over the last week. Dodging the overall crypto market downtrend, Shiba Inu (SHIB) is up 41% as of press time trading at $0.000074 and becoming the world’s seventh-largest cryptocurrency by market cap.
With yesterday’s price rally, Shiba Inu has toppled giants like dogecoin (DOGE), XRP and Polkadot (DOT). The meme cryptocurrency has rallied 150% over the last week and more than 600% so far in this month of October.
Shiba Inu Exchange Supply Tanks
As per on-chain data provider Santiment, the total supply of SHIB coins at the exchange has touched a 4-month low. The data provider reported:
SHIB is now up an astounding +174% in the past week, as ‘diamond-fisted’ hodlers continue to be rewarded. #ShibaInu‘s supply of coins that exist on exchanges continues moving down, as more and more traders are moving coins safely into cold wallets.
The meme cryptocurrency Shiba Inu has made solid gains this month and has been the talk of the crypto town recently. Its journey to the top ten crypto list have been like a blitzkrieg.
After such massive gains this month, it is difficult to say whether of Shiba Inu will continue its rally ahead from the current levels. The 24-hours trading volumes for Shiba Inu (SHIB) have skyrocketed to a staggering $40 billion beating some of the top players like Ethereum.
Thwe SHIB trading volume has reached pretty close to that of Bitcoin.
Healthcare Company Adds Shiba Inu to Its Balance Sheet
A Toronto-based healthcare company now holds Shiba Inu on its balance sheet.
Ask The Doctor, a Canadian online healthcare company, has added $1.5 million worth of Shiba Inu to its balance sheet, according to an announcement posted on its Twitter account.
Kraken facilitated the seven-figure buy. As reported by U.Today, Shiba Inu started trading on the San Francisco-based cryptocurrency exchange on Tuesday.
Ask The Doctor has added ~$1.5M USD (approx 31B $shib) to our balance sheet via Kraken.
We are 72 hours away from accepting #SHIB with our healthcare partners. pic.twitter.com/NHG17druCh— Ask The Doctor ® 🇺🇸🇨🇦 (@askthedr) December 1, 2021
The medical information website will also begin accepting the meme cryptocurrency with its healthcare partners within the next three days.
It already allows clients to pay with Dogecoin for certain services in the U.S. and Canada.
The Toronto-based company was launched in 2010, allowing its clients to connect with medical professionals via text messages or video streaming. Notably, its list of co-founders includes former NBA player Israel Idonije and former NBA star Dikembe Mutombo.
In 2016, Ask The Doctor started accepting Bitcoin payments, becoming the first healthcare company around the globe to embrace crypto.
The reason for adding the new payment option was to offer customers who share sensitive medical data more privacy.
Shiba Inu Coming to Brazil’s Largest Crypto Exchange
BBrazil’s Mercado Bitcoin is set to add support for Shiba Inu on the first day of December.
Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced that Shiba Inu will become available for trading starting from Dec. 1.
The token is yet to be added to the trading platform at the time of writing.
The announcement was accompanied by a video of a Shiba Inu dog in military gear.
Uma das moedas que mais valorizaram em 2021 e que acumula um verdadeiro exército de seguidores💪😮
É isso aí! Amanhã, $SHIBA estará disponível no MB, com um histórico de valorização de mais de 18000%, até agora neste ano.
🚨 01/12 #shibarmy @shibtoken #shibainu pic.twitter.com/24HuhiBymA— Mercado Bitcoin (@MercadoBitcoin) November 30, 2021
After listing SHIB, Mercado Bitcoin will also add support for Cosmos (ATOM), Polkadot (DOT) and Loopring (LRC) later this week.
2TM, the parent company of the number one exchange in Latin America, raised another $50.3 million in late November. This occurred just months after raking in $200 million in July during a Series B investment round spearheaded by Japanese conglomerate SoftBank.
Last month, Korbit became the first cryptocurrency exchange to list Shiba Inu in South Korea.
Kraken, one of the world’s top exchanges, also added support for the top token earlier this week.
New Shiba Whale Buys $38 Million Worth of Tokens
Another whale appears on Shiba Network after token drops from local high and consolidates
New Shiba Inu whale appears on the network after purchasing $38 million worth of tokens. The whale newcomer has bought 850 billion tokens while it was losing 5% of its previously gained value.
The transaction was made 15 hours ago, while the token had just begun its correction and was trading at $0.000048. Such strong buying power, unfortunately, could not push SHIB further up and fuel the local uptrend.
With more whales entering the market, Shib’s fundamental background is continuously developing while the price on the market seems to struggle to break through the $0.000046 area.
Other whales also remain in the Shiba Inu sea by holding more than $2.3 billion worth of tokens while previously owning only about $1.8 billion. The change in the trend appeared shortly after the global cryptocurrency market correction.
Most whales have entered Shib with a large discount of 15% compared to the previous trading range. Whales have also become an absolute majority on the chain by buying up 72% of the circulating supply, which puts Shiba mostly in the hands of large wallets.
At press time, Shiba is trading at $0.000046 with 3% of the daily loss. Additionally, the token is losing 15% from its previous high of $0.000054. The token failed to continue its rally and is trading at the local support, while on-chain data suggest a rapid drop of trading volume, which indicates that traders have not yet decided the future direction of the asset’s price.