As the cryptocurrency market started to move, whales started stocking Shiba Inu (SHIB) in the last hours. Amid these developments, will the bulls or the bears win for the altcoin in April?
Whales, SHIB is stocking up!
Several notable Shiba Inu transactions have been spotted on Etherscan, which have transferred around 35 billion tokens in the past hour. Several investors bought billions of SHIBs; Over 10.37 billion meme coins were moved in two transfers. One of these transactions was completed through the leading cryptocurrency exchange Coinbase. The third transfer moved almost 11 billion Shiba Inu and the last likewise transferred 2.1 billion SHIB from a Coinbase wallet.
Shiba Inu whales have drastically reduced their trading activity in recent weeks, according to Santiment data analysis. The chart below shows that the number of large transactions involving SHIB has decreased since the beginning of the year in February. Since February 5, the number of Shiba Inu large-volume transactions has decreased by 94%, down from 583 to 35 as of April 12.
Major transaction metrics track daily trades of $100,000 or more on a Blockchain network. A sustained decline may indicate that key institutional investors have lost faith in SHIB’s short-term price prospects. Similarly, the downward trend in new user acquisition of the Shiba Inu network is also a potential concern.
How is altcoin price performance?
Shiba Inu price is struggling to recover from yesterday’s 3.7% drop over the past 24 hours. The second most popular meme coin is currently up 2% on the Binance exchange. The altcoin is currently trading at $0.00001094, where it has been for the past week.
SHIB influencer Lucie Sasnikova announced yesterday that Shibarium testnet Puppynet has reached a new milestone. According to his tweet, the total number of transactions has exceeded 2.2 million. The number of daily transactions exceeded one million. The total number of connected wallets rose to 365,282.
Shibarium and NOWPayments join forces
cryptocoin.comNOWPayments, a leading payment provider for cryptocurrencies, announced a major collaboration with Shibarium, a Layer 2 Blockchain solution dedicated to the development and expansion of the popular cryptocurrency Shiba Inu (SHIB). This move will accelerate the adoption of crypto payments and help strengthen the Shiba Inu ecosystem.
According to an announcement from the crypto payment provider, Shiba Inu’s main spokesperson, Shytoshi Kusama, gave the green light to the partnership. The collaboration between NOWPayments and Shibarium is expected to contribute to the growth of the SHIB ecosystem by providing a more user-friendly payment experience. Known for its secure payment processing system, NOWPayments aims to provide a seamless payment experience to SHIB users with its Shibarium integration. In addition, the partnership can help both NOWPayments and Shibarium expand their reach and grow their user bases.
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