Shiba Inu (SHIB) Jumps 7% This Week, Here’s Why It Could Go Higher

Shiba Inu (SHIB) prices have managed to surge despite volatile market conditions, and have outperformed a bulk of the crypto market this week.

Strong land sales ahead of the SHIB Metaverse, Robinhood listing, whale accumulation and more are among the factors  supporting SHIB prices this week. In a recent update, a land auction event in Shiba Inu’s virtual world just ended, and moved into its next phase.

Shiba Inu kicks off “Holder Event”

The SHIB’s 72 hour sale event has managed to maintain hype for the coin in the market. While major coins printed red indexes, the Shiba Inu token has surged by over 8% in the last 7 days.

As the first bidding event got over in the SHIB’s Metaverse, the team announced the second stage for acquiring land. It is being named the “Holder Event”. The plots of land which went unbought during the first event will be made available directly for the LEASH or SHIBOSHI holders. SHIB mentioned that this event will go on with the fixed prices, and will run for seven days.

As per reports, the highest bid made for a piece of land in the SHIB’s Diamond Teeth tier went for around 6.5 Ethereum, or nearly $20,000. The bidding amount for the plot will remain fixed as it was in the Holder Event. However, there is no fixed upper limit for the to buy the land.

ETH whales still buying Shiba Inu token

Ethereum (ETH) whales are also accumulating the Shiba Inu token amid. An ETH whale named “BlueWhale0073” acquired over  237 billion Shib tokens worth $5.7 million. The recent buyings have also landed the token on the list of top 10 coins purchased by the Biggest ETH wallets in the last 24 hours. The top Ethereum whales hodl over $1.3 billion worth of Shiba Inu coins.

According to Shibburn, the burning process hasn’t slowed down. In the last 24 hours, over 344 million Shiba Inu tokens have been sent into the dead wallet in just 24 transactions.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]