Shibarium Hype: Shiba Inu Whales Boost Appetite, Snag 1 Trillion SHIB Tokens
30 July 2023 - 10:58PM
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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. Related Reading:
Traders’ Interest In XRP Remains Solid Despite Price Retreat, Data
Shows 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
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