Shiba Inu gains momentum with increased whale transactions and unique token circulation as anticipation grows for the Shibarium launch.
According to a recent tweet by Santiment, a prominent market intelligence platform, Shiba Inu is starting to regain the interest of traders following a modest 8% price jump over the weekend.
Santiment noted that while the asset has experienced a significant drop of 90% in market cap since its all-time high in October 2021, recent whale transactions and increased circulation are signaling positive signs for the token.
🐱 #ShibaInu is beginning to get back on some traders' radars, following a mild +8% price jump this weekend. Since its #alltimehigh in October, 2021, the #memecoin's market cap has dropped 90%. But whale transactions & circulation are showing good signs. https://t.co/JD65FAOgK0 pic.twitter.com/FBAwVn0DU6
— Santiment (@santimentfeed) July 9, 2023
14 Unique Shiba Inu Whales Move over $1M
The tweet from Santiment highlighted the notable developments in Shiba Inu’s on-chain metrics. The accompanying chart revealed 14 separate whale transfers of over $1 million as of July 6, marking the highest level seen since April 3 this year.
Furthermore, the chart displayed the amount of unique Shiba Inu tokens in circulation, which reached a three-week high. Specifically, it noted that 2.52 trillion Shiba Inu coins were circulated in one day.
This surge in whale transactions indicates a renewed interest in the sensational coin and potentially increased involvement of large-scale investors in the Shiba Inu ecosystem following recent developments.
Increased Interests Following Shibarium Launch Date
A Shiba Inu enthusiast commented on the positive developments, attributing the recent price jump to the upcoming blockchain project called Shibarium. The Twitter user anticipates that this Shibarium will significantly impact the value of the Shiba Inu ecosystem token, BONE.
Meanwhile, as The Crypto Basic reported from Santiment, Shiba Inu had experienced a notable rise in the creation of daily addresses, consistently surpassing 2,500 per day in the past couple of weeks.
Specifically, Shiba Inu showed daily new addresses crossed over 4,000 in June, representing a landslide increase of nearly 400% from its quarterly low in May.
This surge in new whale transactions, SHIB circulation, and daily addresses came after the confirmation of the launch date of Shibarium. The Shiba Inu team has officially confirmed that Shibarium will be unveiled at a conference in Canada this August, as The Crypto Basic disclosed.
It remains to be seen how much the Shibarium mainnet launch will affect the price of Shiba Inu. As of press time, Shiba Inu is changing hands at $0.00000756, with a 7-day decline of 1.56%.