14 Whales Transfer Over $1 Million in Shiba Inu, Indicating Potential Breakout.
Shiba Inu, the popular cryptocurrency, is showing signs of a potential breakout as recent data from Santiment, a leading market intelligence platform, reveals increased interest among traders. Following a modest 8% price surge over the weekend, Shiba Inu is once again capturing the attention of investors.
Santiment’s tweet highlighted the positive developments surrounding SHIB, despite its significant 90% drop in market capitalization since its peak in October 2021. Notably, the tweet drew attention to 14 unique whale transactions involving SHIB, with each transfer exceeding $1 million. This surge in high-value transactions marks the highest level observed since April 3 this year, according to the accompanying chart.
Shiba Inu Circulation Surges As Unique Whales Move Tokens
The chart provided in Santiment’s tweet also revealed an increase in the circulation of Shiba Inu tokens. On July 6, a staggering 2.52 trillion SHIB coins were circulated within a single day, reaching a three-week high. This surge in token circulation further strengthens the positive outlook for Shiba Inu and suggests renewed interest from large-scale investors within the ecosystem.
Shiba Inu’s price and on-chain metrics have recently increased, and Shibarium, a much-anticipated blockchain project, will soon begin trading. Shibarium, according to enthusiasts, will have a big effect on the price of BONE, the ecosystem token for SHIB. One Twitter user in particular blamed the recent price increase on the anticipation of the arrival of Shibarium.
Furthermore, SHIB has experienced a notable surge in the creation of daily addresses. For several weeks now, the number of daily addresses has consistently surpassed 2,500, with June witnessing a significant milestone of over 4,000 new addresses. This represents an astonishing 400% increase compared to the quarterly low in May.
The confirmation of the launch date for Shibarium correlates with the current increase in whale transactions, token circulation, and daily addresses. The widely anticipated Shibarium will be introduced at a convention in Canada in August, the SHIB team has officially confirmed. How this mainnet launch will affect Shiba Inu’s future pricing is still uncertain.
As of press time, Shiba Inu is currently trading at $0.00000756, experiencing a 1.56% decline over the past week. With increased attention from traders and the excitement surrounding the forthcoming Shibarium launch, the SHIB ecosystem is poised for further developments in the coming months.