Shiba Inu (SHIB) Surges 50%—Whale Alert Sees $38M Transaction
• Shiba Inu (SHIB) is now the 13th largest cryptocurrency, with a market cap of $6.8 billion and 549 trillion tokens in circulation.
• The price of Shiba Inu has risen by 50% from its low point in December and its daily trading volume has seen an increase to $300 million.
• Whale Alert has identified a large-volume investor who moved slightly over 3 trillion SHIB tokens, worth approximately $38 million at the time of writing.
The Shiba Inu (SHIB) meme coin has seen remarkable growth in the past few weeks, with its price rising by 50% from its low point in December. The coin has now become the 13th largest cryptocurrency, with a market cap of $6.8 billion and 549 trillion tokens in circulation. Recently, SHIB’s daily trading volume has seen an increase to $300 million, making it one of the most actively traded coins on cryptocurrency exchanges.
The increased interest in SHIB has been reflected in the increased number of whale transactions involving the coin. According to WhaleStats, Shiba Inu is among the top ten most used smart contracts for the top 1,000 biggest Ethereum whales on Friday. Furthermore, it has been identified among the most used smart contracts for the top 100 Ethereum whales in the past 24 hours. This suggests that Ethereum whales have been accumulating SHIB tokens, likely in anticipation of the upcoming launch of the new protocol, Shibarium.
Recently, Whale Alert, a platform monitoring whale transactions in the crypto market, identified a large-volume investor who moved slightly over 3 trillion SHIB tokens, worth approximately $38 million at the time of writing. The transfer originated from an unknown wallet and still ended up in another unknown wallet. Interestingly, the wallet received roughly the same number of tokens a fortnight ago from an unidentified wallet which at the moment has a zero balance, according to data from Etherscan.
Given the increased interest from whales and the upcoming launch of Shibarium, it remains to be seen if the Shiba Inu price uptrend will remain intact in the near future. Analysts and traders alike will be closely watching the cryptocurrency space to see if SHIB will continue to increase in value, or if the coin will suffer a price correction. With the expected launch of Shibarium, it is likely that the Shiba Inu price will continue to increase, given the current level of investor interest in the coin.