As an analyst with years of experience in the cryptocurrency market, I find myself intrigued by Shiba Inu’s (SHIB) latest development – the launch of ShibTorch on Shibarium. This update seems to be stirring up quite a storm, particularly among the whales, who are known for their significant influence on the market.
As a seasoned cryptocurrency investor with over a decade of experience under my belt, I must say that this week’s launch of ShibTorch by Shiba Inu (SHIB) has piqued my interest significantly. Having witnessed numerous updates and evolutions in the crypto market, I can confidently say that this auto-burn portal on Shibarium Layer 2 scaling solution marks a new era for SHIB. The uptick in key milestones, particularly the surge in large transaction count on the network, is a testament to its potential growth and scalability. I’m excited to see where this journey takes SHIB and whether it can maintain its momentum in the highly competitive crypto landscape.
Shiba Inu whales go wild
Based on information from crypto analysis platform IntoTheBlock, the number of significant transactions involving SHIB within the last 24 hours has risen by approximately 3.56%. This equates to a total value of $11.85 million being transferred. While this may seem insignificant financially, it translates to over 897 billion SHIB being moved during that timeframe.
According to IntoTheBlock’s classification, transactions worth $100,000 or more are categorized as whale transactions. In the last 24 hours, it was disclosed that there were 30 such transactions, which is lower than the usual weekly average of 45.
As an analyst, I’ve noticed that ShibTorch could have played a role in our recent market recovery following the significant dip earlier this week. The current bullish sentiment seems to have ignited a buying spree among Shiba Inu whales, leading them to a new phase of aggressive accumulation. To ensure a more sustainable future, Shiba Inu has an automatic burn feature that it can leverage to gradually decrease its supply. This is particularly advantageous for large holders, as they stand to benefit the most from the potential long-term value increase this mechanism could bring.
As a crypto investor, I’ve noticed an impressive 1.55% surge in my token’s price over the past day, currently sitting at $0.00001326. According to CoinMarketCap, this whale activity might be the reason. In the coming days, I’m optimistic about the token reaching a significant milestone – retesting $0.00002. If successful, this will mark a new high for the token in more than a month.
SHIB trends to watch out for
A significant ShibTorch event on Shibarium occurred a few days following the Blockchain Futurist Conference in Toronto. It’s typical for the meme coin protocol to disclose key updates at such events. To further strengthen its expanding impact, the project has recently announced plans to hold ShibaCon 2024 in Thailand within the coming weeks.
As the promotional efforts for this conference reach their peak, influential figures within the ecosystem such as Shytoshi Kusama could potentially unveil significant updates that may positively impact market perceptions.
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2024-08-17 16:02