Shiba Inu (SHIB) Whale Transactions Jumps 25%, Bullish Case for Price?
The past week’s events in the broader digital currency industry appear to have more underlying impact within the Shiba Inu (SHIB) memecoin ecosystem.
Shiba Inu Growth Metrics
The Shiba Inu protocol has seen a sharp jump in the total number of whale transactions recorded on-chain over the past week. According to data from crypto analytics provider IntoTheBlock, the SHIB whale transactions have jumped by exactly 25.72% with a total value of $56.8 million.
ITB’s whale transaction definition implies transactions worth $100,000 or more. The data shows this growth metric has been wobbly since the start of the year but following the XRP ruling, the figures jumped from a low of $28.18 million over the past to the level it is at the moment.
The attractiveness of Shiba Inu goes beyond the general hype surrounding the Ripple vs SEC lawsuit and the latest win the blockchain payments firm scored over the market regulator. Shiba Inu is aiming at creating a whole new functional ecosystem as it doubles down on the soon-to-be-launched Shibarium layer-2 protocol set to debut on the mainnet next month.
The confluence of industry hype and the positive expectations of the forthcoming Shibarium launch have helped ignite interest among the protocol’s whale buyers.
Possible Implications on Price
The growing whale transactions, if sustained, can have a tremendous impact on price growth. Thus far, the Shiba Inu token has seen a contradictory growth push for both its price and its positive growth metrics.
The large whale holdings are a complement to the burn rate both of which helps to reduce the circulating supply of SHIB and which when combined with growing demand can have a positive price impact.
At the time of writing, SHIB is priced at $0.000007715, down by 1.64% over the past 24 hours but with a sustained upshot of 3.75% in the Week-to-Date (WTD) period. Shiba Inu as a token with a high level of volatility can upturn this current negative outlook and capitalize on the sentiments brought on by its core growth metrics to chart a new growth course.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
