Summary:

Large investors in Shiba Inu (SHIB) have accumulated a staggering 1.11 trillion SHIB tokens since June 4, according to on-chain data from market intelligence platform Santiment. This increased whale activity comes as the meme coin prepares for the launch of its layer-2 solution, Shibarium. While only testnet access is currently available, the anticipation surrounding Shibarium is driving interest in SHIB.

Shiba Inu, similar to other altcoins, has experienced a significant surge in its price recently, largely due to whale activity. Notably, SHIB traded at around $0.00000830 on Saturday.

Shiba Inu whales accumulate SHIB tokens

Santiment revealed that wallets holding 10 million to 100 billion SHIB tokens, categorized as “sharks” and “dolphins,” have added over $9 million worth of SHIB in the past two months. According to on-chain data, these addresses have amassed 1.11 trillion SHIB tokens since June 4, with a total value of $32.49 trillion as of July 28. In total, this group of large investors holds approximately $266 million worth of SHIB tokens.

SHIB price outlook

As of Saturday, SHIB was trading at $0.00000830, indicating a 2% increase in the past 24 hours. However, the price has slightly retraced from its intraday high of $0.00000840. CoinGecko currently ranks Shiba Inu as the 15th largest cryptocurrency by market cap, which stands at over $4.9 billion.

FAQs

1. What is Shibarium?

Shibarium is a layer-2 solution being developed by Shiba Inu that aims to enhance the scalability and transaction speed of the SHIB token.

2. Why are Shiba Inu whales accumulating SHIB tokens?

Whales are accumulating SHIB tokens in anticipation of the launch of Shibarium, as it is expected to increase the utility and value of the SHIB token.

3. How much SHIB do large investors hold?

Large Shiba Inu wallets, classified as “sharks” and “dolphins,” hold approximately $266 million worth of SHIB tokens collectively.

4. What is the current price of SHIB?

As of Saturday, SHIB was trading at around $0.00000830.

Sources:

• CoinJournal