Shiba Inu whales have made significant purchases of over 1 trillion SHIB tokens in anticipation of the Shibarium launch, amassing around $9 million worth of the popular meme coin in the last two months.
This recent buying spree aligns with the upcoming debut of Shibarium, a second-layer solution created for the SHIB ecosystem.
Shibarium Bridge to Ethereum Undergoing Testing
On-chain data from Santiment reveals that Shiba Inu whales, which are addresses holding 10 million to 100 billion SHIB tokens, have acquired a remarkable 1.11 trillion SHIB since June 4. As of today, the combined holdings of these wallets amount to 32.49 trillion SHIB tokens, with an approximate value of $265.73 million.
Shiba Inu Whales Accumulation. Source: Santiment
Recent developments within the Shiba Inu ecosystem are generating heightened interest. As the launch of the layer-2 Shibarium network approaches, SHIB developers have initiated testing of a bridge connecting Shibarium to Ethereum. This bridge facilitates asset transfers between the two blockchains, albeit currently supporting only testnet assets. The Shiba Inu team encourages users to explore this functionality to gain familiarity and proficiency.
Initial indicators from Shibarium’s testnet are promising, with over 33 million transactions, 17 million addresses, and 1.89 million blocks reported on Puppyscan. The forthcoming launch of Shibarium holds the potential to transform Shiba Inu from a meme coin into an asset with real-world utility.
Shibarium Testnet Activity. Source: Puppyscan
Price Surge for Shiba Inu and Associated Tokens
Despite these developments, SHIB’s price has risen by 4.47% today, reaching $0.000008161 at the time of this report. This increase is noteworthy, especially considering the generally subdued performance of the broader crypto market. SHIB currently boasts a market capitalization of $4.9 billion, ranking it higher than other well-known cryptocurrencies like Bitcoin Cash and Avalanche.
SHIB, BONE, LEASH Price Performance. Source: TradingView
Similarly, SHIB-associated tokens, BONE and LEASH, have experienced respective price surges of 6.7% and 8.9% in the past 24 hours. Both tokens are expected to play integral roles within the Shiba Inu ecosystem.
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