The meme-inspired cryptocurrency Shiba Inu ($SHIB), often seen as a rival to the first meme token Dogecoin ($DOGE), is signaling signs of a potential breakout after seeing its price surge over the weekend and a growing number of whale transactions.
According to on-chain analytics firm Santiment, Shiba Inu’s 8% price rise over the weekend has seen the meme-inspired cryptocurrency “get back on some traders’ radars,” even though the cryptocurrency has lost 90% of its market capitalization since its all-time high back in October 2021.
The firm added that SHIB having 14 separate whale transactions over $1 million in a single day, the most since April 3, and its amount of unique tokens in circulation hitting a 3-week high, are both positive signs.
As CryptoGlobe reported, SHIB has been seeing significant growth over the last few months, to the point that data shows explosive growth of its daily new addresses on the network in the second quarter of the year.
According to popular cryptocurrency analytics firm IntoTheBlock, the meme-inspired cryptocurrency has seen a strong ending to the second quarter, with daily new addresses reaching over 4,000 on June 27, representing a staggering 357% growth when compared to the increase of 877 daily new addresses recorded on May 21.
Notably, the meme-inspired cryptocurrency has also seen a remarkable flurry of activity as the testnet for its layer-2 scaling solution Shibarium, Puppynet, reached a new transaction milestone of 25 million.
According to data from PuppyScan, a block explorer dedicated to the meme-inspired cryptocurrency’s network, the Shibarium testnet has now processed a total of 25.5 million transactions, with around 270,000 transactions being processed per day.
As CryptoGlobe reported, Puppynet surpassed the 20 million transaction mark earlier this month, at the time with around 16 million wallet addresses moving funds on the network. The number of wallets on Puppynet has since grown to surpass the 17 million mark.
SHIB’s user numbers have been soaring lately, at a time in which both Binance and Alternative Airlines unveiled discount deals with the meme-inspired cryptocurrency.
Featured image via Unsplash.