Santiment, a well-known market intelligence platform, recently tweeted about the renewed interest of traders in Shiba Inu. The tweet mentioned that Shiba Inu witnessed a modest 8% price increase over the weekend, which has caught the attention of traders.
Although the token’s market cap has significantly declined by 90% since its peak in October 2021, Santiment highlighted positive indications for the token based on recent whale transactions and increased circulation.
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14 Outstanding Shiba Inu Whales Move Over $1M
Santiment’s tweet highlighted significant developments in the on-chain metrics of Shiba Inu. The accompanying chart revealed 14 instances of whale transfers, each involving over $1 million, as of July 6. This marked the highest level of whale activity since April 3 of the same year.
Additionally, the chart displayed a noticeable increase in the number of unique Shiba Inu tokens in circulation, reaching a three-week high. Specifically, it indicated that within a single day, approximately 2.52 trillion Shiba Inu coins were circulated.
These notable spikes in whale transactions indicate a resurgence of interest in the popular cryptocurrency and potentially signify the increased participation of large-scale investors within the Shiba Inu ecosystem, likely prompted by recent developments.
Related also: Shiba Inu Sees Surge in New Daily Addresses Despite Price Challenges
Shibarium Launch Date Ignites Positive Reaction
A Shiba Inu supporter commented on the positive developments, attributing the recent price surge to an upcoming blockchain project called Shibarium. The Twitter user expressed optimism that Shibarium would have a significant impact on the value of the Shiba Inu ecosystem token, BONE.
In a report from Santiment, it was highlighted that Shiba Inu has witnessed a notable rise in the daily creation of addresses, consistently exceeding 2,500 per day over the past few weeks. The report specifically mentioned that in June, Shiba Inu recorded over 4,000 new addresses in a single day, marking a substantial increase of nearly 400% from the lowest point observed in May.
The recent increase in whale transactions, Shiba Inu circulation, and daily addresses can be attributed to the announcement of the launch date for Shibarium. The Shiba Inu team has officially confirmed that Shibarium will be unveiled at a conference in Canada in August.
The impact of the Shibarium mainnet launch on the price of Shiba Inu remains uncertain. Currently, Shiba Inu is being traded at $0.00000748, with a 7-day decline of 1.81%.
