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Shiba Inu Whales Buy Over 1 Trillion SHIB in Anticipation of Shibarium Launch

2 mins
Updated by Bary Rahma
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In Brief

  • Shiba Inu whales have acquired 1.1 trillion SHIB tokens, worth around $9 million, over the past two months in anticipation of Shibarium.
  • Developers have launched a testnet bridge connecting their layer-2 network, Shibarium, to the Ethereum blockchain.
  • Following the news, Shiba Inu-related tokens are the top performers over the past 24 hours, registering more than 4% gain respectively.
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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.

Shiba Inu SHIB whale accumulation
Shiba Inu Whales Accumulation. Source: Santiment

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.

Shibarium testnet
Shibarium Testnet Activity. Source: Puppyscan

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.

SHIB, BONE, LEASH Price Performance. Source: TradingView
SHIB, BONE, LEASH Price Performance. Source: TradingView

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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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.