Shiba Inu’s Weekly Surge Attributed to Whale Activity
The recent surge in Shiba Inu’s value has been accompanied by significant whale activity. Etherscan data reveals that a single whale address accumulated 237.87 billion SHIB on Monday, indicating a potential over-the-counter purchase or a redistribution of cryptocurrency holdings. This coincides with Shiba Inu’s announcement of a $12 million investment for developing a new Layer 3 network focused on security and privacy. Additionally, Shibburn data highlights the burning of over 410 million SHIB coins within the past week, further contributing to the positive sentiment.
Shiba Inu Lead Developer Optimistic about Future
Shiba Inu’s lead developer, Shytoshi Kusama, expressed confidence in the meme coin’s performance, stating, “This is a big day for SHIB as we push forward for encryption and elevate our entire brand.” He also hinted at exciting developments in store for the “Shib army.”
Shiba Inu’s Technical and Market Indicators
At the time of writing, SHIB was trading at $0.00002724, reflecting a 2.5% increase over the previous 24 hours. IntoTheBlock data shows an 18.3% rise in large transaction volume to $97.55 million, while concentration by large holders remains high at 73%. Shibariumscan data reveals an increase in new contracts to 38 as of April 22, compared to 18 on April 21.
Upcoming Benzinga Event
Benzinga’s Future of Digital Assets event on November 19 will delve into the influence of meme coins and the emergence of Bitcoin as an institutional asset class.
