The excitement surrounding the Shiba Inu [SHIB] network has been peaking due to various factors. Nevertheless, the main cause of this excitement is centered around the imminent launch of Shibarium. After a considerable period of development, this layer-2 network is scheduled to be activated in August. Following the announcement of the upcoming launch, the value of this meme coin experienced a significant surge over the weekend.
At press time, SHIB was being traded at a price of $0.00000760, reflecting a 1.6% decline in its daily value. However, over the weekend, the crypto asset experienced a peak price of $0.00000780. Despite this significant price increase, it caught the attention of large investors in the Shiba Inu market, commonly known as whales. The number of whale transactions surged notably during this time period. According to Santiment, there were a total of 14 whale transactions in SHIB, each of over $1 million in value. Since the initial week of April, the market hadn’t witnessed this level of whale activity.
Analytics firm Santiment further wrote,
“Shiba Inu 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.”
This recent development held importance as it noted the relevance of Shibarium and its potential influence on the value of the meme coin. Hence, there has been a noticeable rise in the number of whale transactions.
Also Read: Shiba Inu: Shibarium’s Release ‘Very Likely’ in August
Will Shiba Inu’s diminishing supply also aid in a potential price surge?
Apart from the surge in whale transactions, another bullish aspect of the SHIB ecosystem is the declining circulating supply. Over the past few months, the amount of SHIB tokens in circulation has experienced a significant dip. This decline can be attributed to the increased frequency of token-burning activities within the network. Currently, the total SHIB in circulation stands at 579,121,234,814,283.
Over the last 24 hours, the burn rate of SHIB increased by 2885.58%. Shibburn data indicated that during this period, individuals sent a total of 427,660,639 tokens to dead wallets.
Also Read: Shiba Inu Testnet Engagement Grows, Hints $0.001 With Shibarium Launch?