HomeNewsAltcoin NewsWhale's $40M Shiba Inu Buy Sparks Crypto Frenzy

Whale’s $40M Shiba Inu Buy Sparks Crypto Frenzy

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A significant whale has made waves in the crypto world by investing a staggering $40 million in Shiba Inu (SHIB) tokens in a single transaction, showcasing strong support for the coin. This whale now holds 4.41 trillion SHIB tokens, securing the 27th spot among top SHIB holders, as reported by Etherscan.

Whale Alert, a prominent crypto-tracking platform, brought attention to this substantial SHIB acquisition. The SHIB token has been on a remarkable upswing recently, witnessing an impressive 25% surge in price over the past month after breaking free from a consolidation phase that lasted until August 4.

This buying spree has propelled SHIB above the critical psychological barrier of $0.00001, reaching a new four-month high. Market intelligence firm Santiment’s data indicates a significant price surge and a six-month high in trading volume for SHIB in the last month.

The crypto community eagerly awaits the launch of Shibarium, a Layer 2 blockchain within the Shiba Inu ecosystem. As anticipation builds around Shibarium and its potential impact on SHIB, the token has demonstrated resilience, with a 9% increase in the last week.

The “Summer of Shibarium” campaign has further stoked interest in SHIB and related cryptocurrencies, promising exciting releases in tandem with the expected debut of Shibarium’s blockchain later this month.

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