As a seasoned crypto investor with a keen interest in the meme coin market, I’ve witnessed firsthand the impact whale activity can have on a coin’s price action. The recent surge in Shiba Inu (SHIB) whale activity, as evidenced by a 170% increase in large transactions within the last 24 hours, is an encouraging sign for this meme coin.
Large investors in Shiba Inu (SHIB), referred to as “whales,” have been active once more, reportedly acquiring large quantities of this popular meme coin. This action comes after Forbes’ recent endorsement of SHIB as the second-largest meme coin by market capitalization.
Shiba Inu Records 170% Surge In Whale Activity
The market intelligence platform IntoTheBlock reports a significant increase of 170% in large transactions for Shiba Inu over the past day. These transactions represent sums exceeding $100,000. This observation implies that prominent crypto investors, commonly referred to as whales, have been actively amassing Shiba Inu, which is a noteworthy bullish indicator for the meme coin.
Whales, who have historically influenced the value determination of a coin, have recently purchased Shiba Inu. These acquisitions may initiate a substantial recovery for the cryptocurrency, which has been experiencing a downturn. Furthermore, these purchases could prevent Shiba Inu from falling beneath its crucial support at $0.00002. Dropping below this price point might trigger a cascade of sell-offs and deepen the coin’s decline.
SHIB Is More Than Just A Meme Coin
Lately, there’s been a notable increase in large transactions involving Shiba Inu, sparked by an article penned by Sandy Carter for Forbes. In this piece, she not only appreciated Shiba Inu but also referred to it as “extraordinarily adorable” and the “most endearing of all the meme coins.”
As a crypto investor, I’ve come to appreciate Carter’s perspective on Shiba Inu going beyond its “cute” image as a meme coin. In my view, Shiba Inu represents the evolving landscape of meme coins and sets the technological bar higher for other digital assets. Carter underscores this point by emphasizing the significant strides that Shiba Inu has made in terms of real utility.
Carter brought up the collaboration between Shiba Inu and Zama.ai, resulting in the rollout of their Fully Homomorphic Encryption (FHE) solution. This advanced security feature permits data processing while remaining encrypted, mitigating privacy issues linked to blockchain usage. Carter also emphasized the importance of this innovation, explaining that it empowers Shiba Inu to develop identity, security, and risk management solutions seamlessly integrated into payment and other financial systems.
She added that this privacy measure would not just bolster privacy and security in the cryptocurrency sector but also establish a benchmark for conventional finance industry players, particularly those in the DeFi and TradFi sectors, given the increasing overlap between these domains.
Shiba Inu goes beyond its FHE platform. The meme coin’s developers are also constructing a confidential layer-3 blockchain. They plan to merge the FHE technology into their network, enabling data encryption during processing.
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2024-06-14 01:11