Shiba Inu just skyrocketed...but why?
Have you ever been blindsided by change?
...where the shock doesn't come from the change itself, but from the fact that you can't, for the life of you, understand what caused it?
Imagine you had a friend that worked in fashion, and all of a sudden they started wearing fedoras.
You think, maybe it's the hot new look of the season? But when you ask them about it, they simply respond:
'Nope, no new trend. I'm just a fedora guy now.'
And boom! Blindsided.
(What inspired this my guy!? It doesn't compute).
Yeah, well...we've had that exact feeling while trying to get to the bottom of this latest Shiba Inu (SHIB) news.
The SHIB token ran up ~34% in value yesterday - and (at the time of this writing) there doesn't seem to be an obvious catalyst for the change.
The rest of the crypto market stayed relatively flat and there was no big news surrounding the Shiba Inu project...
Sure, the token was made available on Binance's EU based crypto debit card a week ago - and there was news about their new play-to-earn game before that...
But SHIB is the world's twelfth largest crypto, which means it takes A LOT of money to move its price up 30% - and that news doesn't quite cut it.
The best insight we've found so far comes from George, at CryptosRUs:
"The only thing you could say is: someone bought a sh#t load of SHIB.
Someone with billions [of dollars], it has to be billions...because SHIB is not a small project"
So, a whale just dumped billions into Shiba Inu?
Ok, even if we don't understand what inspired this move, we can still take some insights from it.
Here's what's grabbing our attention:
Meme coins (like SHIB) are typically high risk/high reward investments. They're not the sort of tokens you expect to see billions of dollars poured into, especially during a bear market.
A growing appetite for risk within the investment community can often signal market recovery...
For those that are in the business of reading the tea leaves of the crypto markets, this could be filed under:
'Positive indicators that we're not all doomed and things might be bouncing back.'
(...or whatever the technical term is.)
It's not a lot, but I guess we'll take it!
