Shiba Inu whales are back at it, amassing more of the popular meme coin. These big players have scooped up roughly $9 million worth of SHIB in the past two months.
The recent buying spree is in the lead-up to the debut of Shibarium, a second-layer solution designed for the SHIB ecosystem.
Shibarium Bridge to Ethereum Now in Testing
On-chain data from Santiment reveals that Shina Inu whales — addresses holding 10 million to 100 billion SHIB tokens — have purchased a staggering 1.11 trillion SHIB since June 4.
As of today, the combined holdings of these wallets amount to 32.49 trillion SHIB tokens, worth approximately $265.73 million.
Recent strides in the Shiba Inu ecosystem might catalyze this heightened interest. As the launch of the layer-2 Shibarium network nears, SHIB developers have initiated a testnet bridge linking Shibarium to Ethereum.
This bridge streamlines asset transfers between the two blockchains. Still, Shibarium only supports testnet assets for now. The Shiba Inu team encourages users to delve into this function to build comfort and proficiency.
Initial indicators from Shibarium’s testnet are promising. Even though there has been a minor drop in daily transaction numbers since mid-July, Puppyscan data shows over 33 million transactions, 17 million addresses, and 1.89 million blocks.
The forthcoming launch of Shibarium has the potential to elevate Shiba Inu from its meme coin status to an asset boasting real-world utility.
Shiba Inu and Associated Tokens Experience Price Surge
Despite these advancements, SHIB’s price has risen by 4.47% today, standing at $0.000008161 at press time. This uptick is particularly noteworthy given the overall subdued performance of the broader crypto market.
With a market capitalization of $4.9 billion, SHIB currently ranks above other well-known cryptocurrencies such as Bitcoin Cash and Avalanche.
Similarly, SHIB-associated tokens, BONE, and LEASH, have witnessed respective price hikes of 6.7% and 8.9% over the past day. Both tokens are poised to be integral components of the Shiba Inu ecosystem.
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