Shiba Inu SHIB/USD is down 4.3% on the day, but fundamental developments point to potentially better times ahead for the Dogecoin DOGE/USD rival.
What Happened: U.Today cited IntoTheBlock data that large transaction volumes skyrocketed from 902.36 billion SHIB on Jan. 14 to 5.9 trillion SHIB on Jan. 16, marking a 551.4% growth. This highlights the total amount traded by whales during that period. Meanwhile, based on Shibariumscan data, daily transactions as of Jan. 17 stood at 2.53 million, compared to 1.9 million as of Jan.16.
More IntoTheBlock data shows transactions worth over $100,000 amounted to $279.26 million total volume over the past seven days. Jan. 17 saw 40 such high-value transactions, compared to 24 transactions on Jan. 16.
Arkham intelligence data indicates stockbroking giant Robinhood accumulated 231 billion SHIB tokens in the past 24 hours, taking its total holdings to 36.68 trillion (worth around $350 million) as of Jan.17.
This transaction was brought to notice by Shiba Inu enthusiast named “Lola” who also tweeted,
Citing the Robinhood purchase of Shiba Inu, SHIB Bezos tweeted “#SHIB NEXT BULLRUN WILL BE EPIC”
Meanwhile, a wallet linked to TRON TRX/USD founder Justin Sun withdrew around 79.4 billion SHIB worth $800,000 from Binance. This comes after a significant 500 billion withdrawal in mid-December 2023 by Sun.
Why It Matters: Fundamental developments within the Shiba Inu community could prompt improving performance in the token in the coming months.
Ecosystem lead developer Shytoshi Kusama launched a new feature, known as the “SHIB Name Token” for simplifying the long complex wallet address into a user-friendly alternative. Leveraging a collaboration with D3 Global, users will be enabled to register unique SHIB names which can be used across web3 platforms.
Also, a Layer 2 network Ryoshi Network announced that it utilizes $SHIB as the native gas token and it drives demand to $SHIB with it’s L2 platform.
Shiba Inu is currently the 16th most valuable cryptocurrency with $5.4 billion in market capitalization.