Shiba Inu’s recent rally has been unlike anything anyone associated with the crypto market has ever seen, and experts are suggesting that it’s all down to the sophistication of crypto traders. Since the week began, Shiba Inu tokens worth $160 million have been lapped up by traders equipped with smart money addresses. As the week has unfolded, Shiba Inu’s value has surged further, and the cryptocurrency is proving to be stiff competition for Dogecoin, another meme coin to have exploded this year.
The smart money addresses indicate traders who have earnings of over $100,00 through the mining of liquidity in protocols in the DeFi sector. Since October started, there has also been a drastic increase in $1 million Shiba Inu transactions.
This Monday, a whopping 276.6 billion coins of the crypto were bought by an anonymous crypto whale for approximately $11.5 million. Following the purchase, the market cap of Shiba Inu has risen to almost $30 billion. The most amazing thing about Shiba Inu is that despite the never-before-seen rally, it’s still one of the cheapest cryptos money can buy.
Right now, Shiba Inu is the world’s 11th largest crypto. However, if its rally continues, there’s no reason why it can’t oust Dogecoin from the list of the top 10 cryptos and cement its own place there. The advantage that Shiba Inu has over Dogecoin is that it’s an Ethereum-based token, whereas the latter is Bitcoin-based. Ethereum is set to enhance its consensus algorithm to make it more energy efficient in the future, which gives its blockchain an edge over Bitcoin.