Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a surge in large transactions, increasing by 129% as whale activity resurfaces. According to data from IntoTheBlock, these large transactions — those exceeding $100,000 — have skyrocketed 129.64% in the last 24 hours to $33.41 million or 2.51 trillion SHIB, suggesting that large holders, or whales, are once again paying attention to Shiba Inu.
This increase suggests that whales might be actively buying or selling substantial amounts of Shiba Inu as the crypto market stays in a holding pattern ahead of the Fed rate decision. SHIB was mildly down, lower by 1% in the last 24 hours to $0.00001315.
This rise in whale activity comes at a significant time, when Shiba Inu is set to welcome key developments in its ecosystem, particularly on its layer-2 solution, Shibarium.
Shibarium’s big milestone arrives
According to a recent announcement, the wait is now over as the official liquid staking platform for Shibarium’s K9 mainnet prepares to launch.
After nearly a year of development, the Bonecrusher Mainnet is now ready to be Unleashed, as the K9finance liquid staking platform will be launching on Shibarium. The platform’s introduction of liquid staking for BONE is intended to boost SHIB by increasing the total value locked (TVL) on Shibarium and increasing the transaction volume on Shibarium. Both of these are expected to help SHIB Torch burn more SHIB.
In August, Shiba Inu’s burn portal, “SHIB Torch,” went live on Shibarium. The k9 mainnet innovation is expected to enable the SHIB Torch platform to burn more SHIB. The Shiba Inu ecosystem is set to welcome new developments in the coming days. Lucie, a Shiba Inu team member, revealed in a recent X post that Shiba Inu’s ecosystem might be on the brink of a mysterious evolution, with the future TREAT token playing a critical part.
Conclusion
The resurgence of whale activity in Shiba Inu (SHIB), marked by a 129% increase in large transactions, is a promising indicator of renewed interest from major holders. This attention could be tied to broader market conditions, including anticipation around the Federal Reserve’s rate decision. The significant whale movements signal a potential shift in market sentiment, as large players are either positioning themselves ahead of expected developments or reacting to the evolving crypto landscape. However, despite this increased activity, SHIB’s price remains relatively stable, reflecting the cautious mood of the market as it awaits key economic cues.
At the same time, the upcoming launch of the K9finance liquid staking platform on Shibarium adds another layer of excitement to the Shiba Inu ecosystem. The integration of liquid staking for BONE on Shibarium could drive higher transaction volumes and increase the total value locked (TVL), enhancing SHIB’s utility and burn rate through the SHIB Torch. These developments reflect a strategic effort to solidify SHIB’s place within decentralized finance (DeFi) and burn a significant amount of tokens, potentially increasing its scarcity and long-term value. The ecosystem’s evolution, including the future TREAT token, could further shape Shiba Inu’s trajectory in the competitive crypto space.
Article Source: U.Today
