Bitrabo Editorial
Shiba Inu (SHIB) whales have been busy accumulating a significant amount of the meme coin, especially after Forbes recently endorsed the second-largest meme coin in terms of market cap.
Whale Activity Boosts Shiba Inu by 170%
Recent data from the market intelligence platform IntoTheBlock reveals a 170% surge in large transaction volume for Shiba Inu in the last 24 hours. These transactions, involving sums exceeding $100,000, indicate strong interest from crypto whales in gathering the meme coin, signaling positivity for Shiba Inu.
Whales can significantly influence a coin’s price discovery, and their recent purchases might trigger a substantial rally for Shiba Inu. Their buying activity could also help the coin steer clear of falling below the crucial support level at $0.00002, preventing potential sell-offs and further decline.
Shiba Inu’s Deeper Value Beyond Meme Status
The surge in Shiba Inu’s whale activity follows an article in Forbes by Sandy Carter, Unstoppable Domains’ COO, praising the meme coin. Carter hailed Shiba Inu as more than just a cute meme coin and emphasized its meaningful utility in advancing technological innovation within the digital asset realm.
Carter highlighted Shiba Inu’s collaboration with Zama.ai, leading to the development of its Fully Homomorphic Encryption (FHE) solution. This tool enhances secure data processing on the blockchain, tackling privacy concerns effectively. She underscored how this solution empowers Shiba Inu to introduce robust identity, security, and risk management solutions woven into payment and other financial technologies.
Moreover, Carter emphasized that this privacy advancement not only bolsters security in the crypto sphere but also establishes benchmarks for traditional finance (TradFi) companies as they increasingly merge with decentralized finance (DeFi) ventures.
Shiba Inu’s efforts extend beyond the FHE platform, with plans to construct a privacy-centric layer-3 blockchain. Integration of the FHE technology into the network will allow encryption of data even during processing, enhancing privacy and security measures.