NewsletterShiba 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.
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