The latest update from the Shiba Inu camp says that some anonymous Shiba Inu Whales has bought over a trillion SHIB token, worth a little over $9 million in the last two months. This is coming when the company is getting ready to launch its Shibarium network.
Experts have been pointing at the Shibarium launch since the buying spree commenced, indicating that the SHIB community is actively looking forward to the launch. The investigation has it that an average Shiba Inu Whale wallet address has between 100 billion – 10 million SHIB tokens, accumulating approximately 1.11 trillion SHIB.
This purchase had been going on since 4th June and hasn’t since slowed down. In a follow-up report by Bein Crypto’s Oluwapelumi Adejumo, the combined purchased token in different cryptocurrency wallets today has significantly risen to 32.49 trillion SHIB, worth approximately $265.73 million.
This development has sparked a new debate among the SHIB community, with the majority improvising a possible heightened interest in the Shiba Inu community. It was also learned that as the official unavailing of the layer-2 Shibarium network draws closer, developers at SHIB are initiating a testnet bridge that links the Shibarium to Ethereum.
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It was gathered that this linking bridge is to streamline the transfer of assets between the two transacting blockchains. Information has it that, for now, the Shibarium network only supports testnet assets. However, the team at Shiba Inu has advised users to explore the function as much as possible to create proficiency and conformability.
Shibarium’s Testnet Looks Promising, As SHIB Performs Optimally
More reports from Bein Crypto say that previous indicators from Shibarium’s testnet look promising. It has also been revealed that there is currently a slight drop in the number of its daily transactions since the middle of July. In data extracted from Puppyscan, the Shibarium’s testnet network has had over 33 million transactions in over 17 million individual/cooperate addresses and 1.89 million blocks.
It was also revealed that the upcoming official unveiling of Shibarium can move Shiba Inu from its current position as a meme coin to a real-world asset-boosting token. On the other hand, the price of SHIB has been experiencing positive activities throughout the week. The action has been attributed to the recent acquisition by SHIB Whales. During the weekend, the price of SHIB rose by 4.4% to stand at $0.000008161.
Also, during the week, the market capitalization for SHIB has risen to approximately $4.9 billion. As of press time, Shiba Inu ranks high, alongside other popular cryptocurrencies like Avalanche, Solana, and Bitcoin Cash (as per the market capitalization). Also, other SHIB-related tokens like LEASH and BONE have individually experienced price surges of 6.7% and 8.9%, respectively, within the week.
Shiba Inu Market Analysis As Of 29th July
The Shiba Inu cryptocurrency has seen a significant price rise, hitting $0.000008465 per US dollar, with a 1.75% as of press time, with an increase of 0.39% in the last 24 hours. Data from CoinMarketCap shows that Shiba is currently ranking 14th position on the list of the most traded cryptocurrencies in the world. The market capitalization closed today at $4,951,819,622, after showing a 19.55% decrease in trading volume after being traded at $165,768,886 in the last 24 hours.
Aside from the recent move by the whales, which had an obvious impact on the price movement, investor confidence and an accelerating upward trajectory, which is in its recent alliances and partnerships with popular Decentralized Finance (DeFi) projects, have also been linked to a sudden increase in price.
Recall that in 2021, some unknown group of Whales had invested over 1.25 trillion SHIB tokens in the Coinbase exchange, with a face market value of $8.77 million. Speculators claim this might be a later replication of such an event, as the number of anonymous investors keeps climbing by the second; hence the ongoing hype for the Shibarium launch.