The data from Santiment reveals that the Shina Inu whale, holding 10 trillion to 100 trillion SHIB tokens, has purchased a staggering 1.11 trillion SHIB since June 4th. The total amount held by these wallets now reaches 32.49 trillion SHIB, valued at around 265.73 million USD.
Recent developments in the Shiba Inu ecosystem may have contributed to this increasing interest. With the upcoming launch of the Shibarium layer-2 network, SHIB developers initiated a testnet bridge linking Shibarium to Ethereum. This bridge facilitates asset transfers between the two blockchains. However, it’s important to note that Shibarium is currently in the testnet phase, and users are encouraged to learn and familiarize themselves with its functionalities.
Initial indicators from Shibarium’s testnet are promising. Although the daily transaction volume has slightly decreased since mid-July, Puppyscan data shows over 33 million transactions, 17 million addresses, and 1.89 million blocks.
The upcoming launch of Shibarium has the potential to elevate Shiba Inu from a memecoin to a utility asset in the real world. With a market capitalization of 4.9 billion USD, SHIB now ranks above other well-known cryptocurrencies such as Bitcoin Cash and Avalanche.
The associated tokens with SHIB, BONE, and LEASH, have also witnessed corresponding price increases of 6.7% and 8.9% in the past day. Both tokens are becoming integral parts of the Shiba Inu ecosystem.