Dog-themed cryptocurrency, Shiba Inu (SHIB), is showing signs of life once again. Recent data indicate a significant increase in large transaction volumes, suggesting that whales may be re-entering the market.
Surge in Large Transaction Volumes
According to data from IntoTheBlock, large transaction volume for SHIB has skyrocketed by 249% over the last 24 hours to $40.62 million or 3.36 trillion SHIB. An increase in these volumes is typically associated with activity from institutional players or large holders. A spike in this metric suggests increased activity among large holders or whales.
Development of Shib Rollups
Recently, the Shib Rollups platform has launched, marking Shiba Inu's official entry into the rollups-as-a-service industry. This platform allows developers to create customizable Layer-2 blockchains on Shibarium. Shib Rollups is powered by the newly developed Shib Alpha Layer, significantly enhancing the network's capabilities.
Analysis of Current Market Situation
At the time of writing, SHIB was up 4.27% over the last 24 hours to $0.00001219 after reaching a low of $0.00001141. Increased large holder transactions typically indicate accumulation ahead of a potential price rise. The current market situation suggests that whales may be preparing for further developments.
The activity in Shiba Inu’s market and the surge in large transaction volumes suggest that large investors are gearing up for change. However, the timeline for any real developments in the market remains uncertain.
