Whales can be deep-pocketed individuals or entities that hold vast quantities of cryptocurrencies, capable of making substantial transactions that can cause significant price swings.
On Wednesday, July 19, a newborn crypto whale surfaced within the Shiba Inu (SHIB) ecosystem, initiating a substantial investment that has the potential to catalyze a renewed upswing in the value of the world’s second-largest meme coin.
Notably, the investor bought a staggering $2.41 trillion SHIB coins on Wednesday, an investment worth more than $18.7 million at the current price, according to on-chain transaction data.
This influx of significant funds from the new investor could potentially impact SHIB’s market dynamics and attract further attention from other traders and investors.
SHIB price analysis
At the time of publication, SHIB’s price was trading at $0.00000785, up 1.6% over the past 24 hours.
On the weekly chart, the meme coin rose about 4.5%, while its monthly gains stand at almost 10% amid a broader crypto market rally driven by rising prospects of institutional adoption and positive developments in Ripple’s legal fight against the US Securities and Exchange Commission (SEC).
Year-to-date, however, Shiba Inu sits in the red territory at -2.3%, in contrast to the bulk of major cryptocurrencies.
Growing hype over Shibarium Mainnet launch
The latest increase in SHIB whale activity could be linked to the growing excitement around the imminent launch of Shibarium mainnet – an upcoming Layer 2 protocol that will act as a scaling solution for their blockchain network and make SHIB transactions cheaper and faster.
The rollout is scheduled for August 15 and 16 at the Blockchain Futurist Conference. In addition, SHIB was also listed on Coinone on Wednesday, one of the biggest crypto exchanges in South Korea, fueling optimism around Shiba Inu’s growing presence in Asia.
Meanwhile, the meme cryptocurrency also witnessed a notable surge in daily addresses created over recent weeks, at more than 2,500 per day, according to blockchain intelligence platform Santiment.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.