Shiba Inu's Price Surges Amid Whale Activity
Shiba Inu, a popular alternative cryptocurrency in the market, has experienced a remarkable surge in its price over the past week. This surge in value can be largely attributed to the activities of large investors, known as "whales," who have significantly impacted the performance of this meme coin.
Shiba Inu has stood out among various alternative cryptocurrencies due to its impressive price increase. Enthusiastic supporters and investors of Shiba Inu have been closely monitoring the market's progress and have witnessed a rapid rise in the coin's value.
According to on-chain data from the market intelligence platform Santiment, large holders have accumulated substantial amounts of SHIB tokens. Since the beginning of June, addresses holding 10 million to 100 billion SHIB tokens, commonly referred to as Shiba Inu whales, have purchased a staggering total of 1.11 trillion SHIB.
Whale activity refers to the involvement of these significant investors who hold substantial amounts of SHIB. Their actions, such as buying and trading the coin, play a vital role in driving the price surge and fostering positive market sentiment for this meme coin.
In the past two to three months, Santiment data also revealed that huge Shina Inu wallets belonging to the "shark" and "dolphin" categories have acquired SHIB tokens valued at over $9 million.
As of the latest update, these prominent investors hold a substantial $32.49 trillion worth of SHIB securities, collectively owning SHIB valued at about $266 million.
This surge in whale activity comes ahead of the launch of the layer-2 solution called Shibarium, which is a significant milestone for the Shiba Inu ecosystem.
The impending launch of Shibarium has generated excitement among cryptocurrency enthusiasts, leading to a noticeable increase in buying activity in recent days. Both investors and traders are eagerly anticipating the release of Shibarium.
At the time of writing, SHIB is trading at $0.00000848, with a 3.8% increase in the last 24 hours and an 8.0% climb in the previous week, according to data from crypto market tracker Coingecko.
Currently ranked as the 15th-largest cryptocurrency by market cap, Shiba Inu holds a value of nearly $5 billion, as per CoinGecko's rankings.
Shibarium, with its second-layer solution aimed at improving network scalability and efficiency, marks a significant advancement for the SHIB ecosystem. The growing demand for the SHIB coin underscores the importance of a robust infrastructure capable of handling a high volume of transactions swiftly and efficiently.
Although Shibarium is currently available only on the testnet, its introduction has garnered substantial interest and serves as a driving factor for the increasing demand for this meme coin.