The second-largest memecoin, Shiba Inu (SHIB), became the top gainer among the leading 100 cryptocurrencies. Its price got close to the $0.00001 mark.
Whale Activity Drives Shiba Inu’s Growth
Santiment data shows that SHIB’s recent rallies are activated by the high whale activities and transactions over the past week. Shiba Inu’s 24-hour trading volume also exploded by 53% over the past day, reaching $380 million.
Significant Increase in Large Transactions
Moreover, Shiba Inu whale transactions consisting of at least $100,000 worth of SHIB witnessed a sudden spike from 46 on Aug. 4 to 152 on Aug. 5, and it currently stands at 64. Quite similarly, whale transactions consisting of at least $1 million worth of the memecoin also rose from one on Aug. 6 to nine transfers on Aug. 7. Currently, they stand at just three trades.
Social Volume Trends and Market Position
Shiba Inu’s social volume has also witnessed many highs and lows over the past month. The key social indicator exploded on Aug. 5 when the asset broke the $0.00001 mark for the first time in three months. However, SHIB’s social volume has been on a downward movement since Aug. 6.
Shiba Inu is up by 9.3% in the past 24 hours and trading at $0.0000098 at the time of writing. With the current surge, the memecoin regained the 14th rank among the top cryptocurrencies with a market capitalization of $5.79 billion.
Looking Ahead: The Shibarium Ecosystem
Moreover, SHIB’s potential bull momentum comes while the developers hint at launching the Shibarium ecosystem. With increasing support and attention from the community, Shiba Inu continues to mark its place as a notable player in the cryptocurrency landscape.
Conclusion: A Momentum to Watch
The recent surge in Shiba Inu’s price, driven by an increase in whale activity, trading volume, and the anticipation of the Shibarium ecosystem, emphasizes the dynamic nature of the cryptocurrency market. While the fluctuating social volume and ongoing developments warrant close monitoring, Shiba Inu’s reclaiming of the 14th rank among top cryptocurrencies and the promise of future growth make it a standout in the current market landscape. Investors and enthusiasts alike will be watching Shiba Inu’s progress closely, as it continues to evolve and contribute to the broader crypto space.