Last updated on May 18th, 2024 at 11:54 am
Shiba Inu whales seem to have revived as they cumulatively carry out impressive transactions worth over $10 million. The general crypto market seems to be gradually recovering from its recent shred.
Over the last 24 hours, the global crypto market has grown by a mild 0.24% with coins like Chainlink (LINK), Oasis Network (ROSE), ApeCoin (APE), and Injective (INJ) as the market top gainers.
Shiba Inu on the other hand, has its place as one of the top losers today alongside tokens like Dogecoin (DOGE), Avalanche (AVAX), Toncoin (TON), and Decentraland (MANA).
However, Shiba Inu whales seem to ignore the bearish sentiment on the tokens’ price. According to data from IntoTheBlock – a crypto analytic platform, the Shiba Inu whale activity is currently up by 48%.
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In addition, compared to September 9 which recorded a total of 11 whale transactions, at press time, the total whale transactions on the Shiba Inu protocol has surged significantly to 31.
Source: IntoTheBlock
For context, transactions are classified as “large” if they are up to or exceed a total value of $100,000 ($100 thousand). The exact total value of the 31 whale transactions recorded by IntoTheBlock summed up to $10.96 million.
Consequently, this spike has contributed to the growth in the trading volume of the trending memecoin. According to live data from Coinstats, Shiba Inu has a 24-hour trading volume of $73,651,157 ($73.6 million).
However, the rise in whale activity and the impressive feat reached by Shibarium have failed to positively impact the price of SHIB. Per Coinstats data, Shiba Inu is currently trading at $0.0000072 which represents a 0.21.% decrease in the last 24 hours.
Shiba Inu investors may need to take advantage of the visible growth triggers, such as whale and retail buyers, as well as the rising metrics on the Shibarium protocol, in order to resuscitate its growth trends.
Shibarium impressive growth
Since the relaunch of Shibarium – Shiba Inu layer 2 blockchain solution, the network has recorded impressive growth and it continues weekly. According to live data from Shibariumscan – a Shibarium inspection platform, the total wallet address on the Shibarium network now stands at 1,246,49 (1.2 million).
Similarly, the total transactions carried out on the network since its launch now approaches 3 million. Per Shibariumscan data, the total transaction on Shibarium is 2,859,084 (2.8 million). It is expected that these numbers will continue to grow and potentially influence the price of SHIB.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.