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Dog-themed cryptocurrency Shiba Inu (SHIB) is exhibiting signs of life once more — and this time it could be whales making waves.
According to on-chain data by IntoTheBlock, large transaction volume for SHIB has skyrocketed by 249% in the last 24 hours to $40.62 million or 3.36 trillion SHIB, sparking fresh speculation that whales might be reentering the market.
Large transaction volume typically tracks movements of over $100,000 in value (referred to as large transactions), often linked to institutional players or large holders. A spike in this metric suggests increased activity among large holders or whales.
The recent increase is significant as Shiba Inu's large transaction volume has stalled since June 7 after reaching a near six-month high of 24.3 trillion SHIB on June 5.
When large holders start shifting coins, it can indicate accumulation before a potential price breakout or strategic repositioning ahead of a major market move. In SHIB’s case, the current surge appears more aligned with accumulation, as the price remains low, implying that whales may be preparing for something major.
At the time of writing, SHIB was up 4.27% in the last 24 hours to $0.00001219 after reaching a low of $0.00001141 in a three-day sell-off from a high of $0.00001362 on June 11.
Shiba Inu's new developments
Shib Rollups is now live, as Shiba Inu dives deeper into blockchain infrastructure with a new platform that allows developers to create their customizable Layer-2 blockchains on Shibarium.
This recent development marks Shiba Inu’s official entry into the fast-growing rollups-as-a-service (RaaS) industry, delivering dedicated blockchain settings for decentralized apps (dApps).
The Shib Rollups platform is powered by Shiba Inu’s recently launched Shib Alpha Layer, which is an important part of the network's evolving infrastructure.
This week, Shiba Inu launched Shib Alpha Layer in beta version, a rollup abstraction stack built with ElderLabs and settled on Shibarium. Shib Alpha Layer unifies every RollApp into a single ultra-fast layer, giving users the impression that they are on one chain while dozens of rollups hum beneath the surface.
Vladislav Sopov
U.Today Editorial Team