Cryptocurrency Shiba Inu’s surge could be influenced by crypto whales

Cryptocurrency Shiba Inu (SHIB), which started off as a Dogecoin spin-off has gained massive popularity to a point where its market capitalisation surpassed that of its rival—Dogecoin (DOGE). The rise was speculated to be fuelled after tech billionaire Elon Musk, tweeted a photograph of the SHIB coin going to the Moon on October 18. However, a new data by crypto research firm Into the Block, reveals that eight whales— could be largely responsible for SHIB’s skyrocketing surge.

Crypto whales are individuals or institutions who hold large amounts of coins of a certain cryptocurrency. Interestingly, at the time of writing this article, SHIB’s market cap stands at USD $40 million, whereas DOGE is USD $37 million.