Shiba Inu Whales Buy Over 1 Trillion SHIB in Anticipation of Shibarium Launch

Shiba Inu whales have acquired 1.1 trillion SHIB tokens, worth around $9 million, over the past two months in anticipation of Shibarium. Developers have launched a testnet bridge connecting their layer-2 network, Shibarium, to the Ethereum blockchain.

Following the news, Shiba Inu-related tokens are the top performers over the past 24 hours, registering more than 4% gain respectively.

Shiba Inu whales are back at it, amassing more of the popular meme coin. These big players have scooped up roughly $9 million worth of SHIB in the past two months.

Back on July 14, 2023, about 10.38 million ETH was secured in these platforms, a figure that experienced a surge to 10.65 million by July 29. Lido Finance continues its reign over these 23 liquid staking applications, claiming 74.31% of the market share.

Two weeks ago, Lido held 7.71 million ether within its infrastructure, a figure which has since climbed to 7.91 million. Coinbase, with its grip on 10.99% of the liquid-staked ETH market share, saw its ether reserves expand from 1.14 million to the present 1.17 million.

In parallel, Rocket Pool has experienced an uptick in the past two weeks.

The recent buying spree is in the leadup to the debut of Shibarium, a secondlayer solution designed for the SHIB ecosystem.

Shibarium Bridge to Ethereum Now in Testing

On-chain data from Santiment reveals that

Shina Inu whales — addresses holding 10 million to 100 billion SHIB tokens — have purchased a staggering 1.11 trillion SHIB since June 4.

As of today, the combined holdings of these wallets amount to 32.49 trillion SHIB tokens, worth approximately $265.73 million.