Buying The Dip? Shiba Inu Whale Activity Surges As Price Declines Nearly 10%
17 August 2023 - 8:00PM
NEWSBTC
Shiba Inu (SHIB), a dog-inspired meme coin, originally dismissed by
many as just another fleeting fad, is now drawing serious attention
from big players, or “whales,” in the crypto space. This attention
comes amid the tokens’ recent sloppy launch of its other project,
Shibarium. Blockchain security team Beosin recently reported that
the newly deployed Shibarium platform has had transactions stalled
in a pending state, tying up approximately 1,003 ether, equivalent
to $1.8 million in locked funds. 🚨Transactions on #Shibarium
are stuck in a pending state. $1.7M are currently locked on ETH.
Users are advised to temporarily stop using
shibarium.https://t.co/io5puAibBc https://t.co/q2SXqtthoO — Beosin
Alert (@BeosinAlert) August 17, 2023 This sloppy launch has
affected the SHIB token negatively seeing the tokens’ price decline
by nearly 10% over the past 24 hours. However, despite this plunge
whales are reportedly still making moves on Shiba Inu. Related
Reading: Shiba Inu’s DeFi Aspirations May Rattle DOGE’s Market As
SHIB Turns To Digital IDs Shiba Inu Whale Activity Surges According
to Santiment, a prominent blockchain data firm, there has been a
noticeable increase in transaction activity by whales across
several digital currencies, including SHIB and XRP. 🐳 As the crowd
feels the pain, there are several assets seeing an increase in
whale activity. As they attempt to capitalize on the discounted
prices, read about the four projects we’re seeing some notable
activity rises: $SHIB, $XRP, $SAND, & $CAKE
https://t.co/SnuKebg7h1 pic.twitter.com/VWKlH95yU0 — Santiment
(@santimentfeed) August 17, 2023 Specifically, for Shiba Inu, the
numbers are compelling. Santiment’s data shows that there’s been a
surge in transfers of SHIB valued at $1 million or higher.
According to Santiment, a possible reason for the increase in whale
activity could be that these large investors are attempting to
“capitalize on discount prices” of Shiba Inu and the other
cryptocurrencies recording a surge in whale activity Furthermore,
this uptick in activity closely follows significant events in the
Shiba Inu ecosystem, particularly the mainnet launch of Shibarium,
which could be another contributing factor. Shibarium represents a
crucial advancement for the SHIB community and its broader
ecosystem. And though its launch didn’t go as planned, its
introduction likely plays a role in attracting these large
investors and traders to SHIB, looking to capitalize on new
opportunities brought about by the platform’s capabilities. SHIB
Declines Nearly 10% In The Past Day Over the past 24 hours, Shiba
Inu has been in red regardless of the surging whale activity.
Particularly, the dog-inspired meme coin has recorded a loss of
9.9% over this period and with a current market price of
$0.0000087, at the time of writing. This plunge is also reflected
in the asset’s market capitalization which has seen a substantial
loss of more than $600 million in the past day. Interestingly,
despite the blood bath, Shiba Inu’s daily trading volume has
remained resilient. Related Reading: Shiba Inu (SHIB) Dips By 7%
Following Shibarium Launch Over the past day, SHIB’s trading volume
has hovered above $450 million and currently stands at a value of
$461 million at the time of writing. Featured image from Unsplash,
Chart from TradingView
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