Despite all the selling pressure of the weekend, a popular altcoin is among the Twitter trends. Investor interest came after the project’s recent metaverse events.
Despite the decline, this altcoin is at the top of the Twitter trends
Shiba Inu (SHIB), the second largest meme coin by market cap after Dogecoin, seems to be trending again on the social media giant that was acquired by Elon Musk last October. A member of the SHIB community shared that SHIB is trending with around 18,000 tweets.
Here’s what’s happening in the SHIB ecosystem now
There are two things the SHIB community is looking forward to right now. The first is the Shiba Inu Metaverse, developed by the SHIB team in collaboration with The Third Floor visualization studio. The second is the second layer protocol called Shibarium, which developer Shytoshy Kusama is working on with the rest of the team. However, there is not even an approximate release date for Shibarium yet announced by the developers.
As for Metaverse, the development team has announced several new key hubs that will allow SHIB Metaverse users to experience better and deeper interaction with this virtual world. These centers emerged mainly in the form of concept arts. These took names like Dunes, WAGMI Temple, Canyon, Rocket Pond.
SHIB price action amid sell-off in altcoin market
It was trending despite the sell-off that started earlier in the week when SHIB announced that the Fed would raise interest rates again. Still, the crypto market saw Bitcoin drop below $17,000 and Ethereum below $1,200. The Shiba Inu, on the other hand, is up around 5% on December 19. In the past hours, it gained momentum in the one-hour time frame. SHIB is also among the most used smart contracts
SHIB becomes the most used smart contract in the entire altcoin market
According to WhaleStats data, the Shiba Inu’s utility among whales has skyrocketed as it has disappeared again in the past 24 hours. This comes as SHIB is among the most used smart contracts among the first 2,000 ETH whales.
The crypto market is experiencing selling pressure after the recent events inside and outside the market. SHIB was one of the prominent altcoin projects during these sales. After the unfavorable market conditions that have prevailed since 2022, an interesting trend has emerged in the market: the activity of individual investors may be falling, but the large “whales” continue to rise.
SHIB whale transactions up 58%
Because blockchain-based transactions are transparent, whale watching reveals clues before potential moves happen. In this scenario, the increase in large transactions signals the movement of whales. According to IntoTheBlock, large transactions are those in excess of $100,000. It is also often indicative of whales’ buying or selling actions. According to data from IntoTheBlock, large transactions were up 58% on Dec. cryptocoin.comAs you follow, SHIB whales collect the most Ethereum and Polygon.
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