Shiba Inu (SHIB), the popular meme coin that has gained a loyal fan base, is showing signs of bullish momentum as the number of large transactions on its network has increased by more than 25% in the past week.
According to data from IntoTheBlock, a crypto analytics platform, the whale transactions of SHIB, which are defined as transactions worth $100,000 or more, have risen from $28.18 million to $56.8 million in the past seven days. This indicates that there is a growing interest and demand for the token among high-net-worth investors.
Reasons for SHIB Surge
One of the possible reasons for this surge in whale activity is the positive sentiment in the crypto market following the recent victory of Ripple in its legal battle with the US Securities and Exchange Commission (SEC). The ruling, which granted Ripple access to the SEC’s internal documents on Bitcoin and Ethereum, has boosted the confidence of many crypto projects that are facing regulatory uncertainty.
Another factor that may be driving the SHIB whales is the anticipation of the launch of Shibarium, a layer-2 solution that aims to enhance the scalability and functionality of the Shiba Inu ecosystem. Shibarium, which is expected to go live on the mainnet next month, will enable faster and cheaper transactions, as well as support smart contracts and decentralized applications.
The combination of these two factors has created a favorable environment for SHIB to thrive and attract more investors. However, despite the impressive growth in whale transactions and other metrics, such as burn rate and social media engagement, the price of SHIB has not reflected this bullishness yet.
At the time of writing, SHIB is trading at $0.000007715, down 1.64% in the last 24 hours and up 3.75% in the last week. The token has a market capitalization of $3.08 billion and a daily volume of $236.7 million.
Shiba Inu is known for its high volatility and unpredictability, which makes it a risky but potentially rewarding investment. The token has the potential to capitalize on its strong fundamentals and community support to break out of its current consolidation and chart a new growth path.
However, it also faces many challenges and competition from other meme coins and established cryptocurrencies. Therefore, investors should exercise caution and do their own research before investing in SHIB or any other crypto asset.