Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a surge in large transactions, increasing by 129% as whale activity resurfaces.
According to data from IntoTheBlock, these large transactions — those exceeding $100,000 — have skyrocketed 129.64% in the last 24 hours to $33.41 million or 2.51 trillion SHIB, suggesting that large holders, or whales, are once again paying attention to Shiba Inu.
This increase suggests that whales might be actively buying or selling substantial amounts of Shiba Inu as the crypto market stays in a holding pattern ahead of the Fed rate decision. SHIB was mildly down, lower by 1% in the last 24 hours to $0.00001315.
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This rise in whale activity comes at a significant time, when Shiba Inu is set to welcome key developments in its ecosystem, particularly on its layer-2 solution, Shibarium.
Shibarium's big milestone arrives
According to a recent announcement, the wait is now over as the official liquid staking platform for Shibarium's K9 mainnet prepares to launch.
Tomorrow at Noon EDT the @K9finance liquid staking platform will be launching on @ShibariumNet!Liquid staking for $BONE will help $SHIB by➡️ increasing the total value locked (TVL) on Shibarium ➡️ increasing the transaction volume on Shibarium Both of these will help the…
— Shib (@Shibtoken) September 17, 2024
After nearly a year of development, the Bonecrusher Mainnet is now ready to be Unleashed, as the K9finance liquid staking platform will be launching on Shibarium.
The platform's introduction of liquid staking for BONE is intended to boost SHIB by increasing the total value locked (TVL) on Shibarium and increasing the transaction volume on Shibarium. Both of these are expected to help SHIB Torch burn more SHIB.
In August, Shiba Inu’s burn portal, "SHIB Torch," went live on Shibarium. The k9 mainnet innovation is expected to enable the SHIB Torch platform burn more SHIB.
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The Shiba Inu ecosystem is set to welcome new developments in the coming days. Lucie, a Shiba Inu team member, revealed in a recent X post that Shiba Inu's ecosystem might be on the brink of a mysterious evolution, with the future TREAT token playing a critical part.
