Shiba Inu Takes Crypto Market by Storm with Record-Breaking Activity and Popularity Surge
Shiba Inu (SHIB) has been making waves in the cryptocurrency market lately, and it doesn't seem to be slowing down anytime soon. According to WhaleStats, a website that tracks the activity of the largest wallets in the crypto space, SHIB is the top holding in dollar value for the top 2000 Ethereum whales, with a total of $606.5 million worth of SHIB in their wallets.
Recently, one of these whales, tagged "BlueWhale0073," made a massive purchase of 99.29 billion SHIB, worth $1.05 million, in a single transaction. This shows that many investors are bullish on SHIB and expect its price to rise in the future.
Shiba Inu Dominates Google Searches
Another factor that boosts SHIB’s popularity is its high ranking on Google searches. According to data from Google Trends, “Shiba Inu cryptocurrency” was among the most searched terms related to “cryptocurrency” in the United States for March. The query was only below “bitcoin” and “cryptocurrency prices” and saw a 180% increase in March.
Meanwhile, searches for “Shiba Inu news” increased by 150% in March, indicating that more people are interested in keeping up with the latest developments of the token. Some of these developments include the launch of Shibarium Beta, a blockchain platform for SHIB, and the creation of Shibaswap, a decentralized exchange for SHIB and other tokens
SHIB Sees Surge in Large Transactions
Remaining on the topic of transactions, the Shiba Inu network has recorded a notable surge in recent weeks. According to IntoTheBlock, a website that tracks blockchain data, large transactions on the Shiba Inu network totaled $36.45 million in the last 24 hours, which represents a 228.5% increase.
Large transactions are those exceeding $100,000, and they usually indicate the activity of big investors or institutional holders, also known as whales. A spike in this metric could mean that whales are buying or selling SHIB in large quantities, which could affect its price.
SHIB Breaks Records on Puppynet
Another sign of SHIB’s “good press” in recent weeks is the growth of its test network, Puppynet. Puppynet is a beta version of Shibarium, a blockchain platform for SHIB and other tokens. Puppynet was launched on March 11 and has already surpassed one million transactions in just 20 days.
The number of wallets on Puppynet has also reached impressive numbers. There are currently 200,000 wallets on Puppynet, with an average increase of 10,000 new wallets per day. However, this number doubled in just the last two days, showing a spike in interest.
Puppynet is a testing ground for Shibaswap, a decentralized exchange that allows users to trade and stake SHIB and other tokens without intermediaries. Shibaswap is one of the projects that the Shiba Inu ecosystem supports, along with an NFT art incubator and a governance token called BONE
SHIB’s Price Action Leaves Much to Be Desired
Though Shiba Inu is having a field day in terms of good press, the price of the cryptocurrency just cannot seem to shake off the flat market sentiment.
Over the weekend, the cryptocurrency attempted a recovery, but just as quickly as the mild spike emerged, so did it vanish. At press time, the price has returned to its pre-weekend mark, in the $0.0000110 area.
It would appear that the market remains unripe for a parabolic breakout to the pre-2022 level. That said, could this all change in April?
SHIB Statistics Data
SHIB Current Price: $0.0000107
SHIB Market Cap: $6.3B
SHIB Circulating Supply: 589.5T
SHIB Total Supply: 589.6T
SHIB Market Ranking: #14
Feeling confident? Trade your idea on SHIB now
Disclaimer
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.