Shiba Inu price tripled in a week, here are possible reasons

In the last 7 days, Shiba Inu (SHIB) price has over tripled from the September 30 price at $000007057 to a current market price of $0.00003136, precisely by 344%. Thus, although other big cryptocurrencies have scarcely increased in recent days, SHIB investors are now gaining massively. These are a few of the possible explanations behind last week’s significant increase in SHIB.

Shiba Inu Whales are grabbing

Traces of whale activity can also be seen on the Shiba Inu market. On October 2, a whale bought more than 6 trillion SHIB. The whale did, however, barely influence the market until Musk made his tweet the next day. Musk may be behind whaling. It’s possible.

Nearly 200 billion SHIB was bought by an Ethereum whale, Light, after an upturn in pricing, and it costs a total of 6.5 million dollars. Although these buys are helpful to price increase in the meantime, they may be dangerous in the future because the price of these whales can dramatically change when dumping.

Elon Musk’s tweet

The founder of Tesla, Elon Musk, has on multiple occasions heated up a short surge in Dogecoin and sometimes Bitcoin by promotion and social media. After Musk’s tweeting about his new dog, Shiba Inu’s increase in price started mainly three days ago. As always, the fans can only interpret this as a “buy sign,” raising the volume by 770 percent during that day.

700k SHIB holders

Not only were new investors focused on the recent rise in the Shiba Inu coin. A milestone of 700k SHIB holders took place on Wednesday. At the time of publication, the number of holders climbed further to 712,754, totaling 3,941,913 transfers.

 This shows that SHIB interests crypto investors as more investors continue accumulating up and joining the community resulting in high demand and price.