The cryptocurrency "Shiba Inu" ($SHIB ), inspired by a dog character, shows signs of a resurgence - and this time it may be whales making a splash.
The volume of large transactions for "Shiba Inu" has increased by 249% in the last 24 hours to reach $40.62 million, equivalent to 3.36 trillion SHIB, sparking new speculation about the return of whales to the market.
Large transaction volume usually indicates moves exceeding $100,000 (known as large transactions) and is often associated with institutional players or large holders. An increase in this metric indicates heightened activity among large holders or whales.
The recent increase is notable, as the large trading volume of Shiba Inu halted since June 7 after reaching a nearly six-month high of 24.3 trillion Shiba Inu on June 5.
When large holders of the currency start moving it, it may indicate accumulation before a potential price increase or a strategic repositioning before any major market move. In the case of Shiba Inu, the current rise seems more in line with accumulation, as the price remains low, suggesting that whales might be preparing for a significant event.
At the time of writing this report, the price of Shiba Inu has risen by 4.27% in the last 24 hours to reach $0.00001219 after hitting a low of $0.00001141 in a three-day sell-off, from its high of $0.00001362 on June 11.
New developments in Shiba Inu
Shib Rollups are now available as Shiba Inu delves into the blockchain infrastructure through a new platform that allows developers to create customizable layer two blockchains on Shibarium.
This recent development marks the official entry of Shiba Inu into the fast-growing Aggregation as a Service (RaaS) sector, providing customized blockchain setups for decentralized applications (dApps).
Shib Rollups rely on the Shib Alpha Layer that Shiba Inu recently launched, which is a crucial part of the network's advanced infrastructure.
This week, Shiba Inu launched the Shib Alpha Layer in its beta version, an aggregative abstraction package built using Elder Labs and based on Shibarium. The Shib Alpha Layer unifies all Roll Apps in one super-fast layer, giving users the impression that they are on a single chain while dozens of rollups operate beneath the surface.
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