The popular memecoin Shiba Inu (SHIB), following Bitcoin‘s (BTC) surpassing the $64,000 level for the first time in over two years, albeit briefly, has experienced a significant rise. Amid this surge in momentum, SHIB reached $0.00001473 in the early hours of the day, marking its highest level in several months, and closed positively for the sixth consecutive day since February 24th.
Significant Increase in SHIB Accumulation by Wallet Addresses
At the time of writing this article, SHIB’s price has seen a 25% increase over the last 24 hours, trading at $0.00001365, while the trading volume of the altcoin has surged by 114%, reaching $2 billion in the same time frame.
According to on-chain data, investor interest in SHIB has greatly increased. Following the rise, it is observed that 86,470 wallet addresses have made significant accumulations between $0.000013 and $0.000019, averaging a price of $0.000016. The data shows that these 86,470 wallet addresses have accumulated 415.67 trillion SHIB during this range.
Furthermore, data provided by IntoTheBlock indicates a 700% increase in large inflows to SHIB, suggesting that large investor entries are accompanying the price increase.
According to IntoTheBlock’s data, Shiba Inu has seen a steady growth in large investor entries since February 25th, which points to significant purchasing activity. These large wallet addresses tend to buy in bulk after significant price drops, and such increases in buying activity often confirm that the price is at a low point.
Launch of Privacy-Focused Network for Shiba Inu Initiated
Moreover, as a significant development attracting investor interest for Shiba Inu, a plan to launch a new privacy-focused network on the Layer 2 network Shibarium has been announced. This network aims to enhance the value proposition presented by SHIB. In collaboration with the open-source cryptography company Zama, the Shiba Inu team will use Fully Homomorphic Encryption (FHE) in the development of the privacy-focused network, allowing developers to access data in untrusted environments without decryption.
The introduction of the privacy-focused network is a significant proof of Shiba Inu’s commitment to development and its desire to take SHIB beyond being just a memecoin. This network will offer SHIB owners the opportunity to be in the crypto world with advanced security and privacy features by leveraging advanced privacy techniques.
