Shiba Inu on Fire: Whale Activity Up 62%, Shibarium Contracts Explode Triple-Digit

The Shiba Inu ecosystem is ablaze with activity as a recent surge in whale transactions, up a staggering 62%, coincides with an explosive 350% increase in new contracts on the Shibarium layer-2 network.

After days of trading in the red, the cryptocurrency market has suddenly turned bullish, with several assets, including Shiba Inu (SHIB), experiencing significant gains. This recent price surge in SHIB aligns perfectly with a dramatic 62% increase in daily whale transactions, surpassing $30 million in the last 24 hours alone, according to data from IntoTheBlock.

This surge in activity from large holders, coupled with the broader market recovery, paints a picture of growing confidence in Shiba Inu’s technological foundation and its long-term potential.

Meanwhile, Shibarium, the layer-2 solution designed to enhance Shiba Inu’s scalability, has experienced an explosive growth spurt. The number of new contracts on the platform has skyrocketed by 350% in a single day, jumping from 8 to 36, a testament to the burgeoning developer interest and the expanding utility of the SHIB token.

Adding to this momentum, Shibarium has witnessed a remarkable surge in daily transactions, with a staggering 105% increase from 2.31K on July 23 to 5.98K on July 26. This surge in activity is complemented by a dramatic drop in the average gas fee, plummeting over 86% from 156 gwei to 29.81 gwei, making transactions on the network significantly more affordable and efficient.

The convergence of these factors – heightened whale activity, a growing Shibarium ecosystem, increased transaction volume, and reduced gas fees – paints a compelling picture of a project on the cusp of a major transformation. Shiba Inu is no longer just a meme coin but a dynamic ecosystem with growing utility and a passionate community, ready to make its mark on the crypto world.

As of 9:56 a.m. ET on Friday, Shiba Inu (SHIB) was painting the market green, trading at $0.00001683 with a robust 24-hour trading volume of $245,394,854. This marks a notable 4.04% spike in the day, contrasting with minor dips of 3.72% over the past week and 4.47% in the past month.

According to CoinMarketCap data, Shiba Inu boasts a staggering circulating supply of 589,270,542,709,695 SHIB, reflecting a market cap that’s surged 4.07% to an impressive $9,924,815,950. This recent price surge, despite the slight dips in the past week and month, indicates a revitalized interest in the token and a potential shift in market sentiment.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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