Shiba Inu Surges 29% Monthly, Driven by Shibarium Growth and Whale Accumulation

Shiba Inu (SHIB), the second-largest meme coin, has seen a significant surge in its value, with a two-fold increase on the monthly chart. This surge has sparked optimism among investors and analysts, who are eyeing a major leg up for the cryptocurrency. According to crypto analyst Henry, the growing adoption of Shibarium and aggressive token burns are aligning the fundamentals for a potential breakout. Henry predicts that there is a huge pump incoming which is going to break all the past levels ATH and will be atleast 790%.

If this analysis comes to fruition, Shiba Inu could be destined for the $0.001 zone. Currently, Shiba Inu has enjoyed a monthly surge of 29%, posting a price of $0.00015. This surge has been accompanied by a notable hodling culture, with SHIB holdings recently dropping to 1.2 billion from 7 billion on crypto exchanges. This decrease in holdings on exchanges is a welcome move in the SHIB ecosystem as it reduces selling pressure, as coins are mostly held on exchanges for liquidation purposes.

Shibarium, Shiba Inu’s Layer 2 network, has been a significant driver of this growth. According to Shibariumscan data, Shibarium recently breached the 11 million block mark, currently standing at 11,014,000. This milestone indicates heightened activity and an expanding user base within the SHIB ecosystem. Shibarium is known for its efficiency, scalability, and speed, and has recently processed more than 1 billion transactions. This increased utility is laying the groundwork for SHIB’s increased adoption and future developments.

In addition to the growth of Shibarium, Shiba Inu’s whale activity has also seen a significant increase. Last month, whales accumulated more than 1.4 trillion SHIB tokens in just a week. This accumulation by whales further indicates the growing interest and confidence in Shiba Inu’s potential. The combination of these factors—growing adoption of Shibarium, aggressive token burns, and increased whale activity—suggests a bullish outlook for Shiba Inu. As the fundamentals continue to align, investors and analysts are cautiously optimistic about the cryptocurrency’s potential to reach new heights.