Shiba inu coin soars 22% to another new record after crypto whale buys 277 billion tokens

• Shiba inu coin surged more than 20% to hit a record high of $0.00004853 on Tuesday, according to data from CoinMarketCap.
• The move came after an anonymous crypto whale purchased 276.6 billion SHIB tokens Monday evening.
• Shiba inu coin is now the 11th largest cryptocurrency with a market value of $18.8 billion.

Shiba inu coin, a meme-based cryptocurrency that is based off another meme-based cryptocurrency that makes fun of cryptocurrencies altogether, soared more than 20% on Tuesday to hit a record high of $0.00004853, according to data from CoinMarketCap.

The move higher in the cryptocurrency was sparked 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 representing the largest position in the wallet.

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 in the world.

To crack the top 10, shiba inu coin will have to nearly double from current levels to take over USD Coin’s market valuation of about $33 billion. Dogecoin, the inspiration behind shiba inu coin, would be the next target for shiba inu, which currently has a $35 billion valuation.

Technical analyst Katie Stockton of Fairlead Strategies thinks the renewed rally in altcoins like shiba inu could be set to continue if bitcoin manages 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.