On-chain analytics platform Santiment noted in a tweet that large SHIB holders, notably the shark and dolphin wallets, had been accumulating SHIB.
Santiment observed that shark and dolphin wallets, which hold 10 million to 100 billion SHIB tokens, amassed over $9 million in less than eight weeks, which is still a large amount.
"Shiba Inu has been a surprise winner during the final hours of a particularly dull trading week. Shark and dolphin wallets holding 10 million to 100 billion SHIB tokens have accumulated $9 million in just under 8 weeks, a significant amount for the 14th-ranked crypto asset," Santiment wrote.
Santiment noted in an image put out with the tweet that 1.11 trillion Shiba Inu tokens have been added by 10 million to 100 million SHIB wallets since June 4, citing the number of tokens obtained by this class of holders.
SHIB jumps 6%
Shiba Inu (SHIB) saw a surprising jump on Friday, reaching highs of $0.00000845. The gains were sustained until press time, with SHIB up 5.55% in the last 24 hours to trade at $0.00000821.
Shiba Inu trading volume is up a whopping 282% in the last 24 hours as traders surged into the market to profit. Because of the price increase, the dog-themed Shiba Inu asset has risen in the cryptocurrency rankings. According to CoinMarketCap data, SHIB is the 14th largest cryptocurrency, with a current market cap of $4.84 billion.
According to Santiment, the price increase for Shiba Inu might have been driven by big whale transaction surges.
In an image attached to a tweet, Santiment noted that Shiba Inu saw a price surge at the end of the week with help from mid-tiers continuing their two-month-long accumulation.
Notably, SHIB is experiencing an increase in social interest, having risen to the top of the LunarCrush Altranking based on social and market activity.
The official SHIB Twitter account has posted a countdown to Shiba Inu's third anniversary, saying, "The countdown has begun. We're just a few days away from our 3rd barkday, and the excitement is off the Leash."