Shiba Inu whales get busy during the weekend, driving the price over 30% higher.
In a tweet on Monday, Santiment Feed attributes Shiba Inu’s massive price moves over the weekend to increased whale activity on the network, noting over 433 transactions exceeding $100k, the highest since April.
“Shiba Inu has been on the move this weekend, and is up +34% in the past 24 hours while crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months,” Santiment wrote.
?? #ShibaInu has been on the move this weekend, and is up +34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months. https://t.co/Nq78D7h88k pic.twitter.com/9JTtGMMQcj
— Santiment (@santimentfeed) August 15, 2022
Notably, it was a good weekend for meme coins as Dogecoin also rallied by over 15%. CoinDesk reports that short liquidations for both tokens surpassed $25 million. While the reason for the recent surge in Shiba Inu whale activity is not specified, it is worth noting that there is excitement in the ecosystem as the Shiba Inu game Shiba Eternity begins to roll out.
The community has anticipated Shiba Eternity for months since developers first revealed they were working on a card collection game with PlaySide Studios in December. Notably, the game has been released for testing for iOS users in Vietnam, with speculation that Indonesia is next. Meanwhile, leaked chats have revealed that lead Shiba Inu developer Shytoshi Kusama is very excited about the possibilities the game will unlock, calling it “SUPER strategic.”
Notably, the Shiba Inu token was trending in Asia, the US, and Canada in the past week due to recent developments. The ecosystem’s Layer 2 Blockchain solution, Shibarium, is also expected to have a beta launch soon. It is worth noting that Shiba Inu was ranked as the most popular crypto last year, surpassing even Bitcoin.
Consequently, whales have started adding to their bags. Last Tuesday, an Ethereum whale added 312 billion SHIB to its bag, bringing its holdings to 516 billion SHIB.
Shiba Inu is trading at the $0.00001577 price point, up 2.11% in the last 24 hours and 26.78% in the last seven days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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