Are you wondering why the Shiba Inu coin has been making waves in the cryptocurrency market? The answer lies in the recent Shiba Inu accumulation spree by large-scale investors. Popularly known as ‘sharks’ and ‘dolphins’, these investors have been steadily increasing their SHIB token holdings.
The Scale of the Accumulation
According to data released by Santiment, a renowned on-chain analytics platform, these large holders, each with between 10 million to 100 billion SHIB tokens, have added an astonishing $9 million to their holdings in less than two months. This significant acquisition has positioned Shiba Inu as a surprise victor in a previously lackluster trading week.
In an accompanying infographic, Santiment highlighted that a staggering 1.11 trillion Shiba Inu tokens have been added by these investors since early June. This demonstrates a high level of confidence in the potential of the SHIB coin.
Surge in Shiba Inu’s Value
This Shiba Inu accumulation spree has coincided with a surprising surge in the coin’s value. On a particular Friday, SHIB reached highs of $0.00000845 and maintained these gains, with a 5.55% increase in the last 24 hours. The trading volume for Shiba Inu also saw a 282% increase as traders rushed to take advantage of the bullish market.
This surge in value has seen Shiba Inu rise through the cryptocurrency rankings. As per data from CoinMarketCap, SHIB is now the 14th largest cryptocurrency, boasting a market cap of $4.84 billion.
The Influence of Whale Transactions
According to Santiment, this price surge may be attributed to a significant increase in large-scale ‘whale’ transactions. These transactions could have contributed to the price surge, with mid-tier investors continuing their accumulation spree for two months.
Additionally, SHIB has seen a surge in social interest, climbing to the top of the LunarCrush Altranking based on social and market activity. The official SHIB Twitter account has been fueling this excitement with a countdown to Shiba Inu’s third anniversary, adding to the anticipation among investors and the broader community.
For those interested in tracking these market dynamics, the cryptoview.io application provides a comprehensive view of the cryptocurrency market, including the ongoing Shiba Inu accumulation spree.
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