Whales accumulate Shiba Inu as Sponge also sees growing holder numbers

A sharp increase in Shiba Inu (SHIB) demand has drawn the attention of whales. Meanwhile, there is renewed interest on Sponge V2 as its buy-and-stake campaign nears $2 million.

Whales activity shakes SHIB as broader network usage grows

Shiba Inu is pivoting from a meme coin to an all-in-one blockchain ecosystem. 

The move is drawing investor interest, causing whales to accumulate SHIB.

According to the Shiba Inu, large SHIB transactions have increased by 1,314%. 

The tweet explained that one transaction involved over 4.2 trillion SHIB being transferred from an unknown wallet, “adding a layer of mystery to the already captivating narrative.”

While the transaction remains cryptic, SHIB burns have played a role in the growing Shiba Inu interest.

Shiba Inu’s response to the Ethereum scalability problem, Shibarium, has seen over 21 million wallets created. 

Meanwhile, high network activity has provided significant transaction fees to the Shiba Inu team, which recently burned 8.6 trillion SHIB in one 24-hour window.

The token burning has continued since, with over 12 million SHIB destroyed in the last 24 hours, a 310% increase. 

Shiba Inu’s decreasing supply is a source of excitement for many in the Shiba Inu community. 

Coupled with the growing utility derived from its Ethereum layer-2 Shibarium and other ecosystem advancements, SHIB tokenomics are moving towards high demand and low supply.

The Shibarium blockchain explorer data shows that transactions on the network recently crossed 240 million, up from just 25 million on December 3, 2023.

With that, optimism surrounding the Shiba Inu price is growing.

For instance, SHIB Bezoz recently forecasted a 740% increase that would propel SHIB to it’s all-time high.

However, traders must remain aware that the SHIB price has yet to confirm a trend reversal after its drawn-out bear market downtrend.

It has continued to create lower lows and lower highs on the price chart, so traders may be better poised awaiting a more decisive swing before buying in.

However, those seeking a better alternative may choose to explore Sponge V2, a second iteration of the Sponge token.

Meme coin Sponge V2 nears $2 million in “buy-and-stake” campaign

Alongside the rise of PepeCoin (PEPE) in May 2023, Sponge was also trending.

Paying homage to SpongeBob SquarePants, the project quickly garnered over 13k holders, 30k social media followers, and a $100 million market cap.

It secured listings on over ten centralized exchanges and netted early investors over 100x returns.

However, with new meme coins like Bonk posting sharp gains, the Sponge team has returned with Sponge V2, aiming to absorb the overflowing meme coin liquidity.

The revamped project features an immersive play-to-earn racing game. This offers utility and a fun way for users to earn crypto.

According to its roadmap, Sponge V2 will target “bigger and better exchanges.”

Analysts are notably bullish on Sponge V2, with Crypto Gains speculating that Sponge V2 could 100x like the original version.

Meanwhile, Micahel Wrubel explained how he made a 100x ROI on Sponge and is optimistic about Sponge V2’s future.

Currently, the only way to get Sponge V2 is via the buy-and-stake campaign on the Sponge.vip website.

When you buy Sponge, your tokens will be locked and earn a staking yield until the campaign ends.