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Shiba Inu, one of the well-known alternative coins on the cryptocurrency market, has seen its price rise dramatically over the past week. This increase in value can be primarily attributable to whale activities, which have significantly improved the performance of the meme coin.
Shiba Inu has distinguished itself among the many alternative cryptocurrencies with a fantastic price increase. Shiba Inu fans and investors have been closely keeping tabs on the market’s developments and have seen a rapid rise in the asset’s value.
Related Reading: Dogecoin Leaps 13% Following Elon Musk’s Cryptic Tweet – Details
Large holders have amassed enormous amounts of SHIB, as evidenced by on-chain data from the market intelligence platform Santiment. Since the beginning of June, addresses holding 10 million to 100 billion SHIB tokens (Shina Inu whales) have purchased a total of 1.11 trillion SHIB.
Source: Santiment
Whales Scoop Big Amounts Of SHIB
Whale activity refers to the involvement of large investors who hold large amounts of SHIB. Their actions, such as buying and trading the coin, contribute to the price hike and positive market sentiment surrounding the meme coin.
Additionally, Santiment data revealed that over the past two to three months, huge Shina Inu wallets belonging to the “shark” and “dolphin” categories have purchased SHIB valued at more than $9 million.
As of Friday, these significant investors held $32.49 trillion worth of SHIB securities. The group owns SHIB, worth about $266 million in total.
SHIB total market cap at $5 billion on the weekend chart at TradingView.com
This increase in whale activity occurs before the launch of the layer-2 solution Shibarium, which is a significant event for the Shiba Inu ecosystem.
Shibarium’s launch has been anticipated by cryptocurrency fans, who observed a noticeable increase in buying activity in recent days. Investors and traders alike have expressed great excitement about the upcoming launch of Shibarium.
Shiba Inu Current Trading Performance, Market Position
At the time of writing, SHIB was trading at $0.00000848, up 3.8% in the last 24 hours and climbing 8.0% in the previous week, data from crypto market tracker Coingecko shows.
As of this writing, Shiba Inu is ranked by CoinGecko as the 15th-largest cryptocurrency by market cap, having a value of nearly $5 billion.
Source: CoinGecko
Shibarium, which offers a second-layer solution to improve the network’s scalability and general efficiency, is a significant advancement for the SHIB ecosystem.
The rising demand for the SHIB coin has increased the importance of a robust infrastructure that can process a large number of transactions quickly and efficiently.
Shibarium is currently only available on the testnet. Still, its introduction has sparked great interest and is a significant factor in the increasing demand for this meme coin.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from The Daily Hodl
