Shiba inu coin, a meme-based cryptocurrency has soared more than 20% on Tuesday to hit a record high of $0.00004853, according to data from CoinMarketCap.
The cryptocurrency rise was sparked on Monday evening after an anonymous crypto whale purchased 276.6 billion shiba inu tokens for about $11.5 million, according to data from WhaleStats, which tracks activity for the 1,000 largest ether wallets.
The purchase brought the crypto whale’s total holdings in shiba inu coin to 316.5 billion, worth about $15 million and the largest position in the wallet, Insider reports.
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The surge in shiba inu represents a renewed wave of risk-on sentiment among cryptocurrency traders, especially after bitcoin surged to record highs earlier this month at about $67,000. Shiba inu’s Tuesday surge catapulted its market value to $18.8 billion, making it the 11th largest cryptocurrency.
To crack the top 10, shiba inu coin will have to nearly double its levels to take over USD coin’s market valuation of about $33 billion. Dogecoin, the inspiration for shiba inu coin, would be the next target for shiba inu. It has a $35 billion valuation.
The technical analyst Katie Stockton of Fairlead Strategies said she thought the renewed rally in altcoins like shiba inu could continue if bitcoin managed to confirm its recent breakout by trading above the $65,000 level again.
“A breakout in bitcoin in absolute terms would support a risk-on environment favoring Ether and other altcoins,” Stockton said in a Tuesday note. And that type of environment could be a boon for shiba inu coin.
The recent surge of Shiba Inu may be connected to unconfirmed rumors that the coin would soon be listed on Robinhood, Fortune reports.
Elon Musk also issued a tweet on Sunday, saying he does not own the cryptocurrency.
Meanwhile, the CEO of AMC said the company may issue its own coin, and plans to accept Bitcoin payments for movie tickets by the end of the year.
Payment options for the theater expanded in September, and now include Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC). In October, the company added Dogecoin (DOGE) to the crypto payment options.
AMC CEO Adam Aron discussed the company’s goals regarding cryptocurrency in an interview with CNBC on Wednesday. AMC is working through several ideas, including possibly issuing its own coin, he said. “There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency.”
