Shiba Inu has maintained its position as investors’ favorite in the form of the most traded coins among the top 1,000 ETH whales. This indicates that despite a sluggish price action for cryptocurrencies, “whales,” or investors with deep pockets, still believe in the meme token.
The meme token recently added another feather to its cap by making significant strides in market capitalization. From June 13 to date, the market cap added another $500 million to its tally to be at $4.65 billion at press time.
Such a monumental increase in market capitalization has sparked speculation about the possible impact on SHIB’s price. Market observers believe that this could instill a sense of optimism among investors, potentially leading to an increase in demand and a rise in price for the token.
Additionally, approximately 2,500 addresses were established each day in the past few weeks for the well-known meme coin. Before the latest spike, there were two other notable spikes spotted. One occurred in the middle of June, while the other occurred near the month’s end. At the same time, the price of SHIB increased. Initially, by around 50%, then by about 12%
Being one of the most sought-after cryptos in 2021, the token has promise despite its subpar market performance, as a recent insight from Santiment stated.
Shiba Inu Website’s Brand New Look
SHIB has also made headlines due to its numerous announcements in the meme token’s ecosystem, such as the upcoming mainnet launch of L-2 Shibarium, Shiba Eternity, or the recently launched collaborative studio shibacals. One of the much-hyped projects, Shibarium, has also now seen over a million transactions over Puppynet, the testnet of the L2.
In related news, the Shiba Inu team rebranded the official SHIB token website as well as various other websites connected to the Shiba Inu project in advance of the imminent launch of Shibarium’s mainnet. It also pledged a commitment to promote SHIB and its associated activities on a global scale, which has led to noteworthy developments in a number of areas.
“As we continue with the Summer of Shibarium, we take great pride in introducing fresh branding for other ShibArmy websites,” project lead Shytoshi Kusama said, urging the community to check out the platforms’ revamped looks.