Shiba Inu has seen a massive spike in price action as Bitcoin price surpassed the $64,000 mark for the first time in over two years.
Shiba Inu has seen a massive spike in price action as Bitcoin price surpassed the $64,000 mark for the first time in over two years.
Shiba Inu rose, hitting a multi-month high of $0.00001473 in early trading today. At the time of writing, SHIB price was up 25% at $0.00001365 and was also up 41% on a weekly basis. Shiba Inu’s 24-hour trading volume has increased by 114%, with a traded value of $2 billion.
Shiba Inu will mark its sixth consecutive day of gains since February 24. The recent price rally has led SHIB to reach a significant level, where 86,470 addresses purchased 415.67 billion SHIB in the range of $0.000013 and $0.000019 at an average price. of $0.000016.
An increase in inflows from large holders has also coincided with the price increase, which is greater by 700%, per year. In the block data. Shiba Inu has seen steady growth in inflows from large holders since February 25, when its rally began.
Inflows from large holders indicate substantial purchasing activity, which is because many of these addresses purchase from centralized exchanges and subsequently move their purchases to cold storage. Spikes in the entry of large holders can also indicate price floors, as these addresses prefer to buy in bulk after significant drops.
Notably, the inflow of large SHIB holders increased from 336.79 billion SHIB on February 25 to 2.08 trillion SHIB on February 28.
In other big news, Shiba Inu intends to launch a new privacy-focused network on top of the Shibarium blockchain, increasing the value proposition of SHIB tokens.
Shiba Inu is collaborating with open source crypto company Zama on the as-yet-unnamed network. The network will employ fully homomorphic encryption (FHE), a privacy technique that allows developers to access data in untrusted domains without having to decrypt it.
