Shiba Inu (SHIB) reached a new milestone in its price: it exceeded 0.00001 USD

Shiba Inu (SHIB), the world’s second-largest meme cryptocurrency, has demonstrated remarkable strength by rising sharply since Monday and surpassing the $0.00001 level for the first time since last month.

Despite a significant market rally, especially led by Bitcoin, SHIB managed to break past its previous trading range, reaching a high of $0.000011 early on Wednesday.

This increase in price comes amid reports of substantial SHIB hoarding by whales. Data from whale tracking platform Scopescan revealed significant activity, with notable management withdrawing 110 billion SHIB from Binance over the past three days, worth approximately $1.1 million. According to Etherscan data, the mysterious whale has accumulated a total of 330 billion SHIB, worth $3.4 million USD.

This comes after another unidentified whale entered the Shiba Inu token market the previous day. Etherscan data indicates that the new entity received an impressive inflow of 293 billion SHIB tokens from another address, worth $2.84 million.

Meanwhile, SHIB is set to continue its climb towards the coveted $0.001 price point, with optimism surrounding the potential launch of the SHIB Spot ETF gaining momentum. Specifically, on Sunday, the Shib Army launched a campaign urging Grayscale to launch the product.

“We asked Grayscale Investments, LLC to evaluate the feasibility, market demand and potential impact of introducing a Shiba Inu ETF. “We are confident that such an offering will meet investor demand and play an important role in the acceptance and integration of cryptocurrencies into traditional investment portfolios,” the petitioners wrote.

At the time of writing, the campaign had collected 2,566 signatures on Change.org out of the next target of 2,500.

At the time of writing, SHIB was trading at $0.00001142, representing a 12% increase in value over the past 24 hours. Furthermore, its trading volume also increased by 252.96% to $1.2 billion in the same period. Currently, the price is facing strong resistance between $0.000011 and $0.000012. A break and close above this range could help push the price to $0.000018.