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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu has seen a massive surge in its price action as the Bitcoin price soared past the $64,000 mark for the first time in over two years.
Shiba Inu rose, hitting a multimonth high of $0.00001473 in early trading today. At the time of writing, the SHIB price was trading up 25% to $0.00001365 and was likewise higher by 41% weekly. Shiba Inu’s 24-hour trading volume has surged 114%, with $2 billion worth traded.
Shiba Inu is set to mark its sixth consecutive day of gains since Feb. 24. The recent price rally has prompted SHIB to hit a significant level, where 415.67 trillion SHIB were bought by 86,470 addresses in the range of $0.000013 and $0.000019 at an average price of $0.000016.
A surge in large holder inflows has also matched the price increase, which is higher by 700%, per IntoTheBlock data. Shiba Inu has seen steady growth in large holder inflows since Feb. 25, when its rally began.
Large holders’ inflows indicate substantial buying activity, which is the case because many of these addresses buy on centralized exchanges and subsequently move their purchases into cold storage. Spikes in large holder inflow can also indicate price bottoms since these addresses prefer to buy in bulk after significant drops.
Notably, SHIB large holders’ inflow has increased from 336.79 billion SHIB on Feb. 25 to 2.08 trillion SHIB on Feb. 28.
In other big news, Shiba Inu intends to launch a new privacy-focused network on top of the Shibarium blockchain, increasing the value proposition of SHIB tokens.
Shiba Inu is collaborating with open-source cryptography company Zama on the yet-unnamed network. The network will employ Fully Homomorphic Encryption (FHE), a privacy technique that allows developers to access data on untrusted domains without having to decrypt it.