A Huge Whale Purchase Sent SHIB On A Rally, Currently Up 130% In 7 Days

Meme token Shiba Inu has rallied in the past few days, reaching a multi-month high following a massive whale purchase.

An unknown whale bought more than six trillion SHIB days ago, which sent the digital asset soaring in the following days. SHIB doubled its value, despite the recent TVL decline in Shiba Inu’s decentralized exchange.

Self-claimed Dogecoin-killer, Shiba Inu was launched to take advantage of the ongoing meme coin craze, which has countless investors rushing into the cryptocurrency space.

It even took it a step further than DOGE, which was simply created as a joke token, and released a decentralized exchange earlier this year.

Investors indeed seemed highly interested in Shiba Inu as the total value locked surged to nearly $2 billion in June and July. At the time of writing, the SHIB TVL has declined substantially to just over $300 million, according to DeFiLlama.

Despite all of this, one mysterious SHIB whale bought massive portions of the asset.

A recent transaction from late September showed that they had bought nearly 6.2 trillion of the token for approximately $44 million.

In the days that followed, the price of SHIB skyrocketed from roughly $0.00000715 to a daily high of $0.0000145 yesterday. This is SHIB’s highest price level since mid-May.

SHIB is still a long way away from the all-time high reached earlier this year of $0.00003791, according to CoinGecko.