Newborn Shiba Inu whale shakes up the market with a billion-dollar purchase, which is poised to stir up Shiba Inu’s price in the long term. 
Despite Shiba Inu’s underwhelming price performance, the Shiba Inu network has seen a notable increase in new wallet addresses. 

Despite the continuous price fluctuation in the cryptocurrency market, Shiba Inu bulls seem to be wide awake. The memecoin which is one of the most talked about in the cryptocurrency market, is poised to surge to new levels.

According to a new development, Shiba Inu is fundamentally primed for a significant upsurge in price value. A newborn Shiba Inu whale has staked a jaw-dropping amount of Shib tokens.

The new whale marked its presence on the network with a $2.41 trillion SHIB coin purchase. During the time of the purchase, the Shib tokens were valued at a whopping $18.7 million, according to on-chain transaction data.

This massive SHIB purchase has been received positively by Shiba Inu whales, most of which are convinced that the move could be the catalyst for the next Shib price rally. The purchase, made on the 19th of July, could trigger Shib’s price to enter the new week with strong momentum.

The new SHIB purchase could also usher in new investors into the market, as massive whale purchases like this are often interpreted as strong signals to step foot into the market.

Daily wallet addresses on the Shib’s Inu network increase despite slow price movement

It is also worth noting that new users are making their way into the Shiba Inu market, as new daily addresses are increasing. According to data from Santiment, a leading on-chain analytics platform, Shiba Inu’s price performance has done little to hinder market players from creating new addresses.

“ShibaInu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple weeks. Despite the underwhelming price performance, our latest insight covers why there’s promise behind one of 2021’s favorite” Santiment wrote.

Meanwhile, the Shiba Inu community is actively preparing for the launch of the long-awaited Shibarium Mainnet. The Layer 2 protocol is designed to serve as a scaling solution from the Shiba Inu network. As a result, transactions on the network will become cheaper and transaction speed will become faster. The launch is expected to take off mid-August, at the upcoming Blockchain Futurist Conference.

The price of Shiba Inu could also benefit significantly from the launch of the Shibarium mainnet, as some market players predict.

However, at report time, Shiba Inu is in the red zone as the market bleeds into the new week. The second most valued memecoin has lost 0.60% in the last hour. Impressively, the memecoin has seen trading volume and market cap surge by 22% and 0.02% collectively. Shiba Inu now trades at a press time price of $0.000007827.

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Filed under: Bitcoin - @ July 24, 2023 4:20 am