Shiba Inu Had a Big Buy This Weekend and a Big Boost in Petition Signature Support to List on Robinhood
Yesterday, a block registered on Etherscan shows a single transaction for 20,000,000,000,000 — that’s trillion with a “T” — Shiba Inu tokens for more that $1.13 billion U.S.
It’s not clear what the impact of such a massive move could have on the Shiba market. According to CoinMarketCap.com at the time of this writing, the price per token was down nearly 4 percent over the last 24-hour period.
However, since Shiba’s valuation is primarily driven by the sentiment of its active community rather than fundamentals or technical analysis — as is the case for most meme-type coins — this billion-dollar buy could be perceived as a positive signal for those on the sidelines to join the Shiba pack. Conversely, this deal could have negative fallout as it might be part of a larger market manipulation.
It’s no surprise that the Shiba Inu project has an extremely high concentration of its circulation supply —