Shiba Inu Whale Transactions Explode 170% Following Forbes Endorsement
Shiba Inu (SHIB) whales are at it again, with this category of investors seen to have accumulated a significant amount of the meme coin. This development follows Forbes’ recent endorsement of the second-largest meme coin by market cap.
Shiba Inu Records 170% Surge In Whale Activity
Data from the market intelligence platform IntoTheBlock shows that there has been a 170% surge in Shiba Inu’s large transaction volume in the last 24 hours. These transactions are ones which involve amounts above $100,000. This suggests that crypto whales are actively accumulating the meme coin, which is undoubtedly a bullish sign for Shiba Inu.
These whales are known to have a significant impact on a coin’s price discovery and their recent buys could help spark a massive rebound for Shiba Inu. Moreover, these buys can help Shiba Inu, which has been on a downward trend for a while, avoid dropping below the critical support level at the $0.00002 range. A drop below this level could spark a wave of sell-offs, which would cause the meme coin to decline further.
SHIB Is More Than Just A Meme Coin
The recent surge in Shiba Inu’s whale activity follows a Forbes piece written by Sandy Carter, the COO at Unstoppable Domains, which lavished praise on the meme coin. The piece, which touched on several meme coins, described Shiba Inu as “beyond cute,” hailing it as the “cutest of all the doges.”
Meanwhile, Carter also noted that Shiba Inu wasn’t just a “pretty face or joke” but was a great example of how meme coins are developing real utility and setting the “technological pace” for other digital assets. She highlighted the progress that Shiba Inu has made in this regard to show that it is more than just a meme coin.
Cartered mentioned Shiba Inu’s partnership with Zama.ai, which led to the launch of its Fully Homomorphic Encryption (FHE) solution. This security tool enables encrypted data processing, thereby addressing privacy concerns when using blockchain technology. Carter also highlighted the significance of this tool, noting that it allows Shiba In to “create identity, security, and risk management solutions that are embedded within payment and other financial technologies.”
Furthermore, she stated that this privacy solution will not only ensure enhanced privacy and security in the crypto space but also set the standards for other companies in the traditional finance (TradFi) space, especially as TradFi continues to converge with decentralized finance (DeFi).
It is also worth mentioning that Shiba Inu isn’t just stopping at its FHE platform. The meme coin’s team is also working towards building a privacy-focused layer-3 blockchain. The FHE technology will be integrated into the network, allowing data to be encrypted even while it is being processed.