Shiba Inu (CCC:SHIB-USD) is performing well today as whale investors pump the crypto higher with buying sprees.
Source: Maria Shipakina / Shutterstock.com
The biggest whale bumping SHIB prices up today bought 4 trillion of the crypto tokens. That cost them $134 million! It also brings their total holdings of Shiba Inu up to $144 million. It’s thanks to this whale that prices of SHIB are on the move.
Of course, rising prices for SHIB have crypto experts weighing in with price predictions. One example has the Shiba Inu-themed cryptocurrency hitting $0.0002 in 2022. Others are also weighing in on the crypto’s price potential.
While that may make some crypto traders think that SHIB is a solid investment, it’s not all rainbows and sunshine. The crypto is incredibly volatile, which means an investment in it carries great risk. Even so, that attracts certain types of traders as the chance of great reward is also high.
It’s worth noting that the developers behind SHIB are working to move past that volatility. That includes efforts to shed its meme coin status by adding additional functionality to the token. While that’s a great idea for long-term growth, there’s no denying it’s hard to change the market’s perspective that was set for it when it first popped up back in 2020.
SHIB is up 12.3% over a 24-hour period as of Wednesday afternoon.
Investors seeking our more recent crypto news for today are in the right place!
InvestorPlace offers daily coverage of the crypto market and today is no different. Some stories worth checking out for Wednesday include a new partnership for Floki Inu (CCC:FLOKI-USD), the top NFT exchanges, as well as Cardano (CCC:ADA-USD) price predictions. You can learn all about these matters from the links below!
More Crypto News for Wednesday
- Floki Inu News: FLOKI Demonstrates Its Strength as a DeFi Token With Inverse Partnership
- The 5 Top NFT Marketplaces: 4 Things for Buyers and Sellers of Non-Fungible Tokens to Know
- Cardano Price Predictions: Where Will the ADA Crypto Go in 2022?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.