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Why Shiba Inu Surged Today

TheMotleyFool

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The cryptocurrency Shiba Inu (CRYPTO: SHIB) climbed on Wednesday, following reports of a massive purchase by a wealthy investor. As of 5:10 p.m. ET, Shiba Inu's token price was up more than 10% over the previous 24 hours.

One digital wallet holder bought 4 trillion Shiba Inu tokens for a whopping $134 million, according to CoinDesk. The blockbuster purchase helped to halt the recent decline in the token's price. The digital currency had shed roughly two-thirds of its value after it skyrocketed to all-time highs in late October.

Image source: Getty Images.

Source Fool.com

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