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Shiba Inu (SHIB), one of the beloved altcoins among cryptocurrency investors, has lost most of the gains it made last week as the overall market momentum enters a downward trend. Although SHIB is currently changing hands at $0.000007252 with a relatively low gain of 0.06% in the past 24 hours, on-chain data indicates a high interest in the altcoin from whales.
Whale Transactions in Shiba Inu Increase from 11 to 31
Despite the apparent downward trend in the main price metric, Shiba Inu shows a promising outlook in terms of whale activity within the ecosystem. According to data from crypto analysis platform IntoTheBlock, whale activity towards SHIB has increased by 48%. The total number of large transactions recorded on the Shiba Inu protocol, which was 11 on September 9, has now reached 31.
IntoTheBlock defines large transactions as those with a monetary value of at least $100,000. A total of 31 whale transactions moved $10.96 million worth of SHIB. This significant surge also contributed to the overall trading volume growth of the memecoin ecosystem, as measured by crypto data and price platform CoinMarketCap.
According to current data, SHIB has a trading volume of $72.6 million in the past 24 hours, representing a 22.78% increase. This volume increase is a significant indicator of investor interest in the altcoin.
Shibarium: The Highlighted Catalyst for SHIB’s Price Potential
Shiba Inu investors seem to be leveraging not only observable growth triggers such as whales and individual investors but also the growth in the Layer 2 network Shibarium to revive their growth trends.
The growth in total transactions on Shibarium and the increase in total wallet addresses indicate widespread adoption of Shiba Inu. When all these growth data are combined, an increase in demand can be expected, ultimately triggering a revival in SHIB’s price in the short and long term.
