Shiba Inu (SHIB), a dog-themed meme coin that was originally dismissed by many as just another fleeting trend, is now attracting serious attention from big players or "whales" in the cryptocurrency space. This attention comes in light of the recent messy launch of the token's other project, Shibarium.
The blockchain security team Beosin recently reported that transactions on the Shibarium platform were stuck in a pending state, resulting in approximately 1,003 Ethereum, equivalent to $1.8 million, being locked up. Users were advised to temporarily halt their use of Shibarium.
This botched launch has had a negative impact on the SHIB token, as its price has dropped nearly 10% in the past 24 hours. However, despite this downturn, reports suggest that whales are still making moves on Shiba Inu.
According to Santiment, a well-known blockchain data company, whale transaction activity has significantly increased in several digital currencies, including SHIB and XRP. Specifically for Shiba Inu, the data from Santiment shows a surge in SHIB transfers worth $1 million or more.
Santiment suggests that one possible reason for the increase in whale activity is that these large investors are trying to capitalize on the "discount prices" of Shiba Inu and other cryptocurrencies experiencing a surge in whale activity. Furthermore, this increase in activity closely follows key events in the Shiba Inu ecosystem, particularly the launch of Shibarium, which may also be a contributing factor.
In the past 24 hours, Shiba Inu has experienced a nearly 10% drop despite the increasing whale activity. The meme coin is currently priced at $0.0000087 at the time of writing. This downturn is also reflected in the asset's market capitalization, which has seen a significant loss of over $600 million in the past day. Interestingly, Shiba Inu's daily trading volume has remained resilient despite the bloodbath.
Over the course of the last day, SHIB's trading volume has surpassed $450 million and currently sits at $461 million at the time of writing.
While the launch of Shibarium may have hit a snag, the increasing attention from whales and the continued trading activity of SHIB suggest that there is still interest and potential for growth in the Shiba Inu ecosystem. Investors will be watching closely to see how these developments unfold and whether the meme coin can bounce back from its recent price drop.
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