Shiba Inu (SHIB) Whales Accumulate Meme Coin After 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.

Crypto whales have shown renewed interest in the second-largest meme coin by market capitalization. On-chain data reveals a 170% surge in large transactions on Shiba Inu over the past 24 hours.

These large transactions, defined as those exceeding $100,000, indicate that whales are accumulating substantial amounts of SHIB. This development bodes well for the meme coin, suggesting that it could be poised for a significant price upswing.

According to IntoTheBlock, SHIB whale transactions above $100K have surged by 170% in the past 24 hours. This development comes as the meme coin continues to trade within a crucial support zone.

On-chain data from IntoTheBlock reveals a 170% surge in large transactions on Shiba Inu over the past 24 hours. These transactions are those that involve amounts greater than $100,000. This development signifies that crypto whales are actively accumulating the meme coin.

Given the substantial role that whales play in a coin’s price discovery, their recent buys could spark a massive rebound for Shiba Inu. Moreover, these buys could help the meme coin, which has been on a downward trend for a while now, avoid dropping below the critical support level in the $0.00002 range.

If SHIB falls below this support level, it could trigger a wave of sell-offs, causing the meme coin to decline further. However, the recent whale activity suggests that this scenario is unlikely to occur.

This development comes as Forbes recently covered meme coins in a piece by Sandy Carter, COO at Unstoppable Domains. In the piece, Carter praised Shiba Inu, describing it as “beyond cute” and hailing it as the “cutest of all the doges.”

However, Carter went on to highlight that Shiba Inu is not just a “pretty face or joke.” Instead, it serves as a prime example of how meme coins are being used to develop real utility and set the “technological pace” for other digital assets.

She pointed out the advances that Shiba Inu has made in this aspect to show that there is more to the meme coin than meets the eye.

Carter mentioned Shiba Inu's partnership with Zama.ai, which saw the launch of its Fully Homomorphic Encryption (FHE) solution. This security tool allows for encrypted data processing, addressing privacy concerns when using blockchain technology.

Carter highlighted the significance of this tool, stating that it enables Shiba Inu to “create identity, security, and risk management solutions that are embedded within payment and other financial technologies.”

She also noted that this privacy solution will not only set the standard for other companies in the traditional finance (TradFi) space, as TradFi continues to converge with decentralized finance (DeFi), but also ensure enhanced privacy and security in the crypto space.

It is also important to note that Shiba Inu is not stopping at its FHE platform. The meme coin's team is also working on a layer-3 blockchain that will be focused on privacy. The FHE technology will be integrated into the network, allowing data to be encrypted even while it is being processed.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-whales-accumulate-meme-coin-forbes-endorsement.html

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