Based on Meme Coin and with its own 'influencers'
If Dogecoin had Elon Musk as its main promoter, Shiba had one of its defenders in the figure of the investor Charles Xue Biqun . And if Twitter is Musk's way of promoting Doge, Weibo is the quintessential network for Shiba Inu advocates .
If Elon Musk and Twitter have been the main driver of
Dogecoin, the Shiba Inu fever came from Weibo and the Chinese influencer
Charles Xue Biqun and meme coin.
With more than 11 million followers, the Chinese
'influencer' was one of the most relevant figures to understand the Shiba Inu
phenomenon. However, it has finally ended up showing that this investor was not
the "whale" hidden in Shiba . A term used to describe those investors
who have a large number of shares and can alter the value of the cryptocurrency
with their decisions and/or sales.
As Shiba grew in popularity and its value skyrocketed, more people were encouraged to enter. This craze for Shiba caused the 'gas fee' to reach very high values, since unlike Dogecoin, Shiba is based on Ethereum .
Also Read: What is Hokk Finance
Following the price spike, Vitalik Buterin, founder of
Ethereum, has liquidated his Shiba Inu holdings, with a wallet of around $4
million. Making the value of SHIB drop more than 30% in just 24 hours. As
Criptonoticias describes , the creators of Shiba gave these tokens valued at about
105 million dollars to Vitalik as a symbolic act.
Such returns have put investments in the token in the running for “Best Trade Ever,” as it is revealed that a crypto wallet address bought $3,500 worth of SHIB tokens in August 2020, which multiplied to to be worth more than USD 1.55 billion at the peak of the market . Another wallet, at one point, held more than 13% of the total supply of more than 549 billion tokens. However, this whale wallet moved $2.3 billion worth of SHIB tokens on Nov. 5 in four equal transactions to four different wallets with Hokk Finance Meme Token.
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