Shiba Inu (SHIB), a well-known canine-themed coin, is currently among the top performers among the top 100 crypto projects.
SHIB is the third-best performing project after Casper Network (CSPR) and Rocket Pool (RPL).
SHIB has seen gains of up to 21.1% over the past day. The token is also up 37.3% every week.
Shiba Inu is getting closer to surpassing its highs before the FTX collapse. Moreover, significant whale buying has helped SHIB’s most recent surge.
Shiba Inu is currently the third most valuable cryptocurrency among the top 100 Ethereum whales, per the data on Whalestats.
Also, the top 500 Ethereum whales make SHIB their most traded and often purchased tokens.
The percentage of Shiba Inus in the whale holdings has also increased dramatically. SHIB made up less than 5% of whale holdings after FTX’s fall.
The token now makes up more than 18%, though.
Shibarium Has the Potential to Change Things for Shiba Inu
Shibarium buzz is real, whether you like it or not. The current rise, which included whale support, was most likely prompted by the impending deployment of SHIB’s layer-2 network.
According to a recent blog, the Shibarium testnet is almost finished and will go online soon.
One of this year’s most eagerly awaited launches is layer 2 from SHIB.
Whatever the case, Shibarium can change SHIB’s situation. The network promises to lower gas prices while accelerating transaction times.
The governance token for the new network will be BONE, a child token of SHIB.
Shiba Inu (SHIB) was trading at $0.00001258 at the time of publication, up 2.3% from the previous hour.