Shiba Inu Gains Momentum with Increased Whale Transactions and Unique Token Circulation as Anticipation Grows for the Shibarium Launch

Shiba Inu Gains Momentum with Increased Whale Transactions and Unique Token Circulation as Anticipation Grows for the Shibarium Launch

Shiba Inu is gaining traction as whale transactions and the circulation of its unique tokens increase, fueling anticipation for the upcoming launch of Shibarium.

In a recent tweet, market intelligence platform Santiment highlighted that Shiba Inu is once again capturing the attention of traders, as evidenced by a modest 8% price surge over the weekend. Despite experiencing a significant 90% drop in market cap since its all-time high in October 2021, recent whale transactions and increased token circulation are signaling positive indicators for the cryptocurrency.

Santiment’s on-chain metrics revealed a notable uptick in whale activity, with 14 separate transfers of over $1 million recorded as of July 6, marking the highest level since April 3 of this year. Additionally, the chart displayed a three-week high in the number of unique Shiba Inu tokens in circulation, reaching a staggering 2.52 trillion coins within a single day.

This surge in whale transactions suggests renewed interest in Shiba Inu and a potential influx of significant investors into the Shiba Inu ecosystem, likely spurred by recent developments. One enthusiastic Shiba Inu supporter attributed the recent price jump to the upcoming blockchain project known as Shibarium, anticipating that it will have a substantial impact on the value of the Shiba Inu ecosystem token, BONE.

Moreover, according to a report by The Crypto Basic citing Santiment, Shiba Inu has experienced a significant increase in the creation of daily addresses, consistently surpassing 2,500 per day over the past few weeks. In June, the daily new addresses exceeded 4,000, representing a remarkable 400% surge compared to the quarterly low in May.

This surge in whale transactions, Shiba Inu token circulation, and the creation of daily addresses follows the confirmation of the launch date for Shibarium. The Shiba Inu team has officially announced that Shibarium will be unveiled at a conference in Canada in August, as reported by The Crypto Basic.

The impact of the Shibarium mainnet launch on the price of Shiba Inu remains to be seen. Currently, Shiba Inu is trading at $0.00000756, with a 1.56% decline over the past seven days.