Shiba Inu (SHIB) Enters a New Era with ShibTorch Launch on Shibarium
This week, Shiba Inu (SHIB) took a significant leap forward by launching ShibTorch on its Layer 2 scaling solution, Shibarium. This update has sparked substantial growth in several key metrics, including a notable increase in transaction volume across the network.
Shiba Inu Whales Venture Into New Territory
According to data from the cryptocurrency analytics platform IntoTheBlock, SHIB’s large transactions surged by 3.56% in the last 24 hours, with a total of $11.85 million traded. While this amount may seem modest in monetary terms, it represents over 897 billion SHIB tokens exchanged within a single day.
IntoTheBlock defines whale transactions as those valued at $100,000 or more. In the past 24 hours, the data provider recorded 30 such transactions, a decrease from the weekly average of 45.
Despite this dip, a new wave of optimism has driven Shiba Inu whales to accumulate more tokens. SHIB’s automatic burn feature could pave the way for a more sustainable supply reduction, providing a strong incentive for large holders who stand to benefit from potential long-term value increases.
In the short term, SHIB aims to retest the $0.00002 mark, a milestone that, if achieved, would represent the highest level in over a month. The whale activity has already pushed SHIB’s price up by 1.55% in the past 24 hours, reaching $0.00001326.
Key SHIB Trends to Watch
The ShibTorch initiative on Shibarium follows closely on the heels of the Blockchain Futurist Conference in Toronto. It is common for meme coin protocols to unveil critical updates during such events. To further solidify its growing influence, the project has announced plans to host ShibaCon 2024 in Thailand in the coming weeks.
Read more Shibarium’s Decline: Analyzing the Future of Meme-Inspired Cryptocurrency
Shytoshi Kusama, one of the ecosystem’s developers, is expected to make pivotal announcements that could further bolster market sentiment. As anticipation for the conference peaks, the Shiba Inu community remains alert for developments that may shape the future of SHIB.
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