Shiba Inu emerges as top gainer amid high whale activity

The second-largest meme coin, Shiba Inu (SHIB), became the top gainer among the leading 100 cryptocurrencies. Its price got close to the $0.00001 mark.

Santiment data shows that SHIB’s recent rallies are activated by the high whale activities and transactions over the past week.

Shiba Inu’s 24-hour trading volume also exploded by 53% over the past day, reaching $380 million.

Moreover, Shiba Inu whale transactions consisting of at least $100,000 worth of SHIB witnessed a sudden spike from 46 on Aug. 4 to 152 on Aug. 5, and it currently stands at 64.

Quite similarly, whale transactions consisting of at least $1 million worth of the meme coin also rose from one on Aug. 6 to nine transfers on Aug. 7. Currently, they stand at just three trades.

Shiba Inu’s social volume has also witnessed many highs and lows over the past month. The key social indicator exploded on Aug. 5 when the asset broke the $0.00001 mark for the first time in three months. 

However, SHIB’s social volume has been on a downward movement since Aug. 6.

Shiba Inu is up by 9.3% in the past 24 hours and trading at $0.0000098 at the time of writing. With the current surge, the meme coin regained the 14th rank among the top cryptocurrencies with a market capitalization of $5.79 billion.

Moreover, SHIB’s potential bull momentum comes while the developers hint at launching the Shibarium ecosystem.