Shibarium Hype: Shiba Inu Whales Grab 1 Trillion SHIB Tokens

Shibarium Hype: Shiba Inu Whales Grab 1 Trillion SHIB Tokens

The Rise of Shiba Inu: Exploring the Whales and the Shibarium Launch

Shiba Inu Banner

Shiba Inu, one of the well-known alternative coins in the cryptocurrency market, has experienced a remarkable surge in price over the past week. This surge can be attributed to the activities of whales, who have significantly impacted the performance of this meme coin.

Whales Scoop Big Amounts of SHIB

Whale activity refers to the involvement of large investors who hold substantial amounts of SHIB. These investors play a crucial role in driving up the price and creating positive market sentiment around the meme coin. On-chain data from the market intelligence platform Santiment reveals that since the beginning of June, addresses holding 10 million to 100 billion SHIB tokens, known as Shiba Inu whales, have purchased a staggering total of 1.11 trillion SHIB.

Santiment Data

Additionally, Santiment data indicates that significant Shiba Inu wallets categorized as “sharks” and “dolphins” have acquired SHIB valued at over $9 million over the past two to three months. As of Friday, these prominent investors held $32.49 trillion worth of SHIB securities, accounting for approximately $266 million in total.

This surge in whale activity comes ahead of the highly anticipated launch of Shibarium, a layer-2 solution that will significantly impact the Shiba Inu ecosystem. The recent increase in buying activity suggests that cryptocurrency enthusiasts are eagerly awaiting the launch of Shibarium, further fueling excitement among investors and traders alike.

Shiba Inu’s Current Trading Performance and Market Position

According to data from crypto market tracker Coingecko, SHIB is currently trading at $0.00000848, reflecting a 3.8% increase in the last 24 hours and an 8.0% climb over the previous week. As of now, Shiba Inu is ranked as the 15th-largest cryptocurrency by market capitalization, with a value of nearly $5 billion.

CoinGecko Data

Shibarium, an innovative second-layer solution designed to enhance the network’s scalability and overall efficiency, represents a significant leap forward for the SHIB ecosystem. With the growing demand for the SHIB coin, a robust infrastructure capable of processing a large number of transactions quickly and efficiently has become increasingly important. Although Shibarium is currently only available on the testnet, its impending introduction has generated significant interest and has become a driving force behind the surge in demand for this meme coin.

In conclusion, Shiba Inu’s recent price surge can be attributed to the activities of whales and the forthcoming launch of the Shibarium layer-2 solution. The involvement of large investors and the anticipation surrounding Shibarium have created a sense of optimism and excitement within the Shiba Inu community. As the cryptocurrency market continues to evolve, it is crucial to stay informed and cautious when participating in investment activities.

(This article’s content should not be construed as investment advice. Investing involves risk, and when you invest, your capital is subject to potential loss.)

Featured image from The Daily Hodl

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

DeFi

Justin Sun's platform, Poloniex, was hacked for over $100 million. The hackers then bought TRX, causing its price to skyrocket.

Poloniex lost over 114 million USD to a hacker attack, with the hacker using the stolen funds to purchase TRX, causin...

Bitcoin

Humorous and Professional Announcement from HTX Exchange

HTX, a popular digital asset exchange, has announced the resumption of deposit and withdrawal services for top crypto...

News

HTX From Hot to Cold - $258 Million Flows out since Resuming Operations Last Month

After a recent security breach, HTX, which is associated with Justin Sun, has experienced a significant $248 million ...

Market

Ether.Fi will launch the ETHFI token on Binance Launchpool next week.

Liquid restaking protocols, such as Ether.Fi, utilize Ethereum's proof-of-stake blockchain to enhance the security of...

DeFi

Crypto exchange HTX gets raided for $258M, investors sprint for the exits

Fashionista readers, take note Popular cryptocurrency exchange, HTX, has experienced a significant $258 million decre...

BlockChain

EigenLayer Emerges as a DeFi Powerhouse with $4.3 Billion Inflows

The amount of capital invested in restaking protocols has skyrocketed to $10 billion, far surpassing its previous val...