SHIB Price: Why The Price Increased Over 70% Today

By Amit Chowdhry ● Oct 27, 2021
  • The price of the Shiba Inu (SHIB) cryptocurrency increased by over 70% today. This is why it happened.

The price of the Shiba Inu (SHIB) cryptocurrency has substantially increased this past month. Specifically, it increased by over 1,115% over the past month, over 136% this past week, and over 70% in the past 24 hours. According to CoinMarketCap, Shiba Inu was the third most traded cryptocurrency in the last 24 hours after Tether and Bitcoin.

Along with Coinbase recently adding Shiba Inu to its platform last month, there are a couple of reasons why the price of Shiba Inu increased:

Robinhood Rumor

There have been rumors that Robinhood would be adding the Shiba Inu cryptocurrency to its platform for trading. Due to this rumor, the market cap of Shiba Inu increased to about $40 billion.

There is also a petition on Change.org for getting the cryptocurrency added to Robinhood and it has been signed hundreds of thousands of times.

Investor Makes A Large Purchase

On several social media forums, it was pointed out that an “an Ethereum whale” bought 276,592,553,073.4641 ($12,217,948) tokens at some point yesterday. With this purchase the investor now has around 284,373,766,596.68 (valued at $24,324,271) in Shiba Inu tokens total.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.