Shiba Inu has been on a surge over the past week, largely driven by whale activity. On-chain data from market intelligence platform Santiment shows that large holders have added 1.11 trillion SHIB since June 4. This has pushed the total SHIB holdings in the hands of these investors to $32.49 trillion.
The increased accumulation comes ahead of the highly anticipated launch of the Shibarium layer-2 solution. While only testnet access is available for now, the huge anticipation surrounding Shibarium is one of the factors driving interest in the meme coin.
At the time of writing, SHIB traded at $0.00000830, about 2% up from the 24-hour low. CoinGecko ranks Shiba Inu the 15th largest cryptocurrency by market cap, with this at over $4.9 billion.
The surge in whale activity is seen as a sign of bullish sentiment for Shiba Inu, and could help it reach new highs in the coming weeks.