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- Shiba Inu holders exhibit a long-term perspective, as indicated by a 652.17% surge in the average holding time of transacted coins over the past seven days.
- Shibarium, Shiba Inu’s Layer 2 network, witnesses a surge in total transactions nearing 400 million, sparking excitement in the crypto community.
The world’s second-largest memecoin Shiba Inu has registered a notable surge in whale activity in recent times. According to IntoTheBlock data, large transactions involving SHIB skyrocketed by a staggering 454.16% in the past day, reaching a total value of $112.96 million. Over the same period, there were 34 large transactions, each exceeding $100,000 in value.
The volume of large transactions surged from 2.18 trillion SHIB on Feb. 21 to 11.77 trillion SHIB on Feb. 22, marking the highest level observed in the past seven days. Additionally, the number of daily active addresses rose by 25.33% to 3,710, indicating increased activity on the Shiba Inu blockchain. Such a surge in large transaction volumes offers insights into significant activity by whales, whether it involves buying or selling.
However, despite the heightened activity, Shiba Inu bulls struggled to push SHIB back above $0.00001, facing rejection at highs of $0.00000996 on Feb. 20. Since then, prices have steadily declined, reflecting the broader downward trend in the crypto market. At the time of writing, SHIB had fallen by 2.14% in the last 24 hours to $0.0000094. If the current trend continues, SHIB would mark three out of four days in the red since Feb. 20.
An important on-chain indicator suggests that Shiba Inu holders might be adopting a long-term perspective. The Holding Time of Transacted Coins indicator, which measures the average duration coins are held before being transacted or traded, has surged by 652.17% in the last seven days. This increase in the holding time indicator for transacted coins could provide valuable insights into investor confidence and market sentiment.
Shibarium Transactions Surge Amid SHEbois Listing
Shiba Inu’s Layer 2 network, Shibarium, is generating considerable buzz in the crypto sphere. Recent on-chain data indicates a notable surge in total transactions, nearing the 400 million mark. This uptick has captured the attention of crypto enthusiasts and investors, particularly with the Shiba Inu community unveiling various upgrades for Shibarium.
Fueling the optimism surrounding Shibarium, DeFiLlama’s data suggests that the network is approaching the $1 million milestone in Total Value Locked (TVL). These developments align closely with the Shiba Inu community’s efforts to enhance the token’s ecosystem, including the imminent launch of SHEboshi, Shiboshi utility, and KNINE.
This progress follows CoinW’s announcement of listing SHEboshi, marking its debut exchange listing. Currently, Shibarium’s TVL stands at $970,463, with total transactions reaching 374.03 million and a daily transaction volume of $2.78 million.
In light of Shibarium’s growing success, Shiba Inu’s official account highlighted a significant achievement by SHEboshi, a unique DN404 token combining features from ERC-20 and ERC-721 standards on the Ethereum network. In a Friday announcement on February 23, it was disclosed that SHEboshi secured its first exchange listing within less than 24 hours after its full sale.
