Home Business The upcoming Shiba Inu update is causing renewed hype

The upcoming Shiba Inu update is causing renewed hype

There has been a lot of noise around Shiba Inu (SHIB) in the last few days. The project is up almost 20% since the beginning of the month and it has everything to do with the upcoming release of Shibarium. This scaling solution promises to increase the efficiency of the platform. Release is expected sometime in the next few days. We also see the positive mood on chain Data from blockchain analytics platform IntoTheBlock, reports CoinMarketCap.

influx of new users

The Shiba Inu network reached a new address record totaling more than 3.5 million. About 35% of these are one non-zero balance Address. This number also reached a record of 1.24 million. The figure below from IntoTheBlock shows that the number of new and active addresses has increased steadily over the last few days. In general, these developments are a clear sign of a growing positive mood around the cryptocurrency.

Addresses Shiba Inu (IntoTheBlock)

Whales wake up and buy up

Alongside the influx of retail investors, we are also seeing an increase in engagement from whales. Remarkably, addresses with between 100 billion and 1 trillion SHIB tokens accumulated. In the current market, these numbers run to around $1 million to $10 million. The number of whales in this category has increased by almost 30% over the past month.

Shiba Inu Whales (IntoTheBlock)

Speculations about SHIB are increasing

The rising mood also means a lot speculationfrom both bullish investors like bearish investors. The number of open SHIB Future Contracts that allow investors to “bet” on the future price development of the token reached more than $100 million, a level not seen since February. All gains in addresses, whales and futures contracts indicate a volatile period that is about to begin. This can mean both an explosive increase and an explosive decrease in price.

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