Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
‘Dogecoin Killer’ Shiba Inu (CRYPTO: SHIB) has witnessed significant whale activity driven by a 26% weekly surge, with the lead developer signaling confidence in the meme coin's performance.
What Happened: Etherscan data shows one whale address that accumulated 237.87 billion SHIB on Monday. The anonymous wallet was set up recently, and the transaction could mean an over-the-counter purchase or a whale distributing their cryptocurrency stash between smaller blockchain addresses.
This news comes amid Shiba Inu announcing a $12 million investment received for developing the new Layer 3 network that will focus on security and privacy.
Shibburn data points to a total of 411.9 million coins burnt in the past seven days, further contributing to the positive sentiment surrounding the meme coin.
Also Read: ‘Dogecoin Killer’ Shiba Inu Whale Transactions Spike 55%: ‘$100B By 2025,’ Predicts Crypto Investor
Why It Matters: IntoTheBlock data shows an 18.3% spike in large transaction volume to $97.55 million, while concentration by large holders stands at 73%. Shibariumscan data highlights an increase in new contracts to 38 as of April 22, compared to 18 as of April 21.
Shiba Inu lead developer Shytoshi Kusama, in his latest tweet, explained why he kept changing location as he was pitching his ideas to the smartest minds in the industry.
He stated, “This is a big day for SHIB as we push forward for encryption and elevate our entire brand,” adding that there is much in store for the Shib army.
Price Action: At the time of writing, SHIB was trading at $0.00002724, up 2.5% over the past 24 hours.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin, Shiba Inu And Who Else? How Meme Coins Have Evolved Since The Last Bitcoin Halving
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