New data from market analytics platform Santiment reveals that mid size crypto investors have been scooping up Shiba Inu (SHIB) at a rapid rate over the last two months.
According to Santiment, crypto sharks and dolphins have accumulated $9 million worth of the memecoin during the last eight weeks, a “significant amount” for the Dogecoin (DOGE) competitor.
“Shiba Inu has been a surprise winner during the final hours of a particularly dull trading week. Shark and dolphin wallets holding 10 million-100 billion SHIB tokens have accumulated ~$9 million in just under eight weeks, a significant amount for the 14th-ranked crypto asset.”
Recently, the Shiba Inu ecosystem has seen new additions, such as the public release of a beta bridge associated with the project’s highly anticipated layer-2 scaling solution, Shibarium.
The beta bridge, which launched a few days ago, allows users to transfer tokens between Shibarium and the leading smart contract platform Ethereum (ETH).
As stated by Lucie, Shiba Inu’s marketing specialist,
“[The bridge] enables users to transfer tokens between the two networks without any third-party risks or impact on market liquidity. The network bridge is designed to be fast, cost-effective, and flexible, and also serves as a scaling solution.”
Previously, Lucie had detailed how Shibarium could impact the price of Bone ShibaSwap (BONE), its gas fee token, and SHIB itself.
According to Lucie, Shibarium’s reduced gas fees will likely raise the price of BONE while the project’s deflationary mechanism would reduce the supply of SHIB, theoretically increasing its price.
SHIB is trading for $0.0000867 at time of writing while BONE is worth $1.47.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alexander Limbach/WindAwake
