Shiba Inu (SHIB), the renowned dog-themed cryptocurrency, has been at the center of attention as recent data reveals a significant upswing in whale activity within its ecosystem. Despite a dip in its market price over the past week, large-scale transactions are taking a bullish turn.
Following a price decline of over 10% in the last seven days, SHIB saw its transaction volume, specifically those over the $100,000 mark, skyrocket to $98.12 million within a single day. This marks a notable surge in whale activity, which, according to data from IntoTheBlock, experienced a 268% increase, with the number of SHIB tokens involved in large transactions jumping from 1.07 trillion to 4.17 trillion.
What’s intriguing is that this surge in whale activity has not immediately translated to an uptick in SHIB’s price, which still registers a 12.05% decline over the past week. This divergence between whale activity and price performance signals that there could be more beneath the surface of the market fluctuations.
The Shiba Inu ecosystem itself is buzzing with developments. The project’s collectible card game, Shiba Eternity, received a boost from its upgrade to version 1.2.7. The update enhances the player experience by improving the social menu and adjusting the mechanics of fighters within the game, adding more strategic depth and interactive features.
Moreover, ShibaSwap, the decentralized exchange powering Shiba Inu, is expanding its horizons by preparing to support Shibarium, the ecosystem’s own Ethereum Layer 2 blockchain. This new addition aims to increase security and interoperability for users, further bolstering the project’s infrastructure.
Adding to the excitement, Binance Japan’s inclusion of the SHIB/JPY trading pair opens the Shiba Inu market to a new audience, increasing the accessibility and attractiveness of SHIB to Japanese investors.
Amidst these internal advancements and the stirring of whale movements, the community and investors are poised for a potential market shift. As the developments in the Shiba Inu ecosystem unfold, market watchers are closely observing the impact of these vast transfers and updates on the cryptocurrency’s future trajectory.
