Shiba Inu has captured the attention of the crypto community, and has experienced a significant surge in its price over the past week.
This surge can be attributed to increased activity from large holders, also known as whales, who have been accumulating staggering amounts of SHIB since early June.
The anticipation of an upcoming ecosystem event, the launch of the layer-2 solution Shibarium, has further fueled interest in the coin.
Market intelligence platform Santiment’s on-chain data reveals that Shiba Inu has been among the altcoins witnessing a remarkable price surge recently.
This surge in price can be largely attributed to the increased activity of large holders, commonly referred to as “sharks” and “dolphins,” who have been accumulating massive amounts of SHIB since early June.
One of the key driving factors behind the surge in interest and price of Shiba Inu is the highly anticipated launch of the layer-2 solution, Shibarium.
Although currently available only in testnet access, the excitement surrounding this ecosystem event has contributed to the growing interest in the meme coin.
On-chain data analysis indicates that addresses holding 10 million to 100 billion SHIB have collectively amassed a staggering 1.11 trillion SHIB tokens since June 4.
As of July 28, these large investors’ total SHIB holdings reached a value of $32.49 trillion. In essence, this group of whales now holds approximately $266 million worth of SHIB tokens.
Santiment has provided a chart illustrating the significant increase in SHIB accumulation by addresses holding 10 million to 100 billion tokens.
