Shiba Inu (SHIB/USD), a rival to Dogecoin (DOGE/USD), has experienced a 4.3% drop in value. However, recent fundamental developments suggest that better times may be ahead for the cryptocurrency.
According to IntoTheBlock data cited by U.Today, large transaction volumes for Shiba Inu increased by a staggering 551.4% from January 14 to January 16. This indicates significant trading activity by whales during that period. Additionally, daily transactions as of January 17 stood at 2.53 million, compared to 1.9 million on January 16, as reported by Shibariumscan data.
Further data from IntoTheBlock reveals that transactions worth over $100,000 totaled $279.26 million in volume over the past seven days. On January 17 alone, there were 40 high-value transactions, compared to 24 on January 16.
It has also come to light that Robinhood, the stockbroking giant, acquired 231 billion SHIB tokens within the past 24 hours, bringing its total holdings to 36.68 trillion (worth around $350 million) as of January 17, according to Arkham intelligence data. This acquisition was noticed by a Shiba Inu enthusiast named “Lola” who tweeted about it.
The purchase by Robinhood prompted SHIB Bezos to tweet, “SHIB NEXT BULLRUN WILL BE EPIC,” indicating optimism about the cryptocurrency’s future performance.
In addition to Robinhood’s purchase, TRON founder Justin Sun withdrew around 79.4 billion SHIB tokens worth $800,000 from Binance. This follows a significant withdrawal of 500 billion SHIB in mid-December 2023 by Sun.
These fundamental developments within the Shiba Inu community could potentially lead to improved performance for the token in the coming months.
Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, recently launched a new feature called the “SHIB Name Token.” This feature simplifies the long complex wallet address into a user-friendly alternative. Users can register unique SHIB names that can be used across web3 platforms, thanks to a collaboration with D3 Global.
Furthermore, Ryoshi Network, a Layer 2 network, announced that it utilizes SHIB as the native gas token on its platform. This integration drives demand for SHIB within the network.
Currently, Shiba Inu is the 16th most valuable cryptocurrency with a market capitalization of $5.4 billion.
These recent developments indicate positive momentum for Shiba Inu and suggest that the cryptocurrency may have a promising future ahead. Investors and enthusiasts will be closely monitoring its performance in the coming months.
