Shiba Inu coin experienced a massive surge in price after a mysterious and unidentified whale converted all Ethereum holdings to Shiba Inu and purchased 150 billion SHIB coins worth a staggering $1,126,500 on September 5, 2021.
The large ETH to SHIB conversion is the biggest pump Shiba Inu has witnessed in September, helping the coin climb 3.43% yesterday and remained trading in green and us up 1.91% today, thus giving a boost to investors' confidence.
The number of Ethereum burned yesterday exceeded the total coins issued, which is arguably the first time that the ETH produced a negative issuance in a full trading day. A total of 13,838 ETH were burned, which is equivalent to $54 million in accordance of ETH price which was at $3,906.
The coin is now seeing glimpses of green after trading in red during the Bitcoin crash between May and July, 2021 and gathered steam only during the first week of August.
The International Business Times predicts that SHIB will see an upswing of upto 25% from its current price in the month of September.
Shiba Inu has also crossed a whopping 650,000 investors and the numbers are growing by the day as the coin seems to be attracting new and first-time investors into its fold. Recent data on Etherscan shows that SHIB is adding around 1,000 new investors into the market every day.
Another feather in SHIB's cap is that the coin got listed on WeBull app making it easier for investors to buy and sell with a single click than adopting tedious ways in the form of conversions and exchange.
According to recent data released by ICO Analytics, Shiba Inu is the third-most talked-about cryptocurrency in August, after Bitcoin and Ethereum.
Shiba Inu was also the second-most traded cryptocurrency in terms of volume in August and beat Bitcoin and Ethereum by a wide margin. SHIB enjoyed a $1.89 trillion trading volume, while BTC's volume remained at $1.03 trillion and ETH's volume was $743.98 billion, respectively.
SHIB at the time of publishing was trading at $0.00000745 and is up 1.91% in the days trade.