Whales activity shakes SHIB as broader network usage grows
Shiba Inu is no longer just a meme coin, but an entire blockchain ecosystem that is attracting investor interest and causing whales to accumulate SHIB. Large SHIB transactions have increased by 1,314%, with one transaction involving over 4.2 trillion SHIB being transferred from an unknown wallet. This has added a layer of mystery to the narrative surrounding SHIB.
The growing interest in Shiba Inu is also due to its response to the Ethereum scalability problem with Shibarium, which has seen over 21 million wallets created. The high network activity has provided significant transaction fees to the Shiba Inu team, who have burned a large number of SHIB tokens. The decreasing supply of SHIB coupled with its growing utility is creating high demand and low supply.
Meme coin Sponge V2 nears $2 million in “buy-and-stake” campaign
Sponge V2, a second iteration of the Sponge token, is gaining attention as it nears $2 million in its “buy-and-stake” campaign. The original Sponge project gained popularity with over 13k holders, 30k social media followers, and a $100 million market cap. However, with the rise of new meme coins like Bonk, the Sponge team has returned with Sponge V2, which features an immersive play-to-earn racing game.
Analysts are optimistic about Sponge V2’s future and speculate that it could see similar gains to the original version. Currently, the only way to get Sponge V2 is through the buy-and-stake campaign on the Sponge.vip website.
Hot Take: Shiba Inu and Sponge V2: Whales Accumulate and Campaign Nears $2 Million
A sharp increase in demand for Shiba Inu has caught the attention of whales, leading to increased accumulation of SHIB tokens. This shift from a meme coin to a blockchain ecosystem has also seen significant growth in network usage and transaction fees. Meanwhile, Sponge V2 is gaining traction with its “buy-and-stake” campaign, nearing $2 million. The project aims to absorb meme coin liquidity and offers an immersive play-to-earn racing game. Analysts are optimistic about Sponge V2’s potential for gains. However, it is important for traders to be cautious and wait for a trend reversal before making investment decisions.
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