Shiba Inu Whales (SHIB) This is the case again, with this category of investors having accumulated a significant amount of meme coins. This development follows Forbes’ recent endorsement of the second largest piece of money by market capitalization.
Shiba Inu records 170% increase in whale activity
Data from the market intelligence platform In the block shows that there has been a 170% increase in large Shiba Inu trading volume in the last 24 hours. These transactions involve amounts greater than $100,000. This suggests that crypto whales are actively accumulating coins, which is undoubtedly a bullish sign for Shiba Inu.
These whales are known to have a significant impact on a coin’s price discovery and their recent purchases could help spark a massive rally for Shiba Inu. Additionally, these purchases can help Shiba Inu, who is in downward trend for a while, avoid falling below the critical support level located in the $0.00002 range. A drop below this level could trigger a wave of liquidationswhich would lead to a further decline in the coin itself.
SHIB is more than just a coin
Recent Increase in Shiba Inu Whale Activity Follows Forbes Study piece written by Sandy Carter, COO at Unstoppable Domains, who praised the meme piece. The piece, which touched several pieces samedescribed Shiba Inu as “beyond cute,” hailing him as “the cutest of all doges.”
Meanwhile, Carter also noted that Shiba Inu was not just a “pretty face or a joke” but was a great example of how coins are used. develop real utility and setting the “technology pace” for other digital assets. She highlighted the progress Shiba Inu has made in this regard to show that it is more than just a coin.
Cartered mentioned Shiba Inu partnership with Zama.ai, which led to the launch of its Fully Homomorphic Encryption (FHE) solution. This security tool allows the processing of encrypted data, thus addressing privacy concerns during use blockchain technology. Carter also highlighted the importance of this tool, noting that it allows Shiba In to “build identity, security and risk management solutions integrated with payment and other financial technologies.”
Furthermore, she said that this privacy solution will not only ensure increased privacy and security in the crypto space, but will also set the standards for other companies in the traditional financial (TradFi) space, especially as TradFi continues to converge with decentralized finance (DeFi).
It’s also worth mentioning that Shiba Inu doesn’t just stop at its FHE platform. The Meme Coin team is also working on creating a privacy-focused layer 3 blockchain. THE FHE technology will be integrated into the network, allowing data to be encrypted even while it is being processed.
