Shiba Inu (SHIB) entered a new era this week with the launch of ShibTorch, the auto-burn portal on the Shibarium Layer 2 scaling solution. This update has triggered a significant uptick in several key milestones, including the large transaction count on the network.
Shiba Inu whales go wild
According to data from crypto analytics platform IntoTheBlock, SHIB's large transactions over the past 24 hours have jumped by 3.56%, with a total of $11.85 million shuffled. Although this sum might be small in monetary terms, it represents over 897 billion SHIB moved in 24 hours.
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As measured by IntoTheBlock, whale transactions are those with values of $100,000 and above. In the past 24 hours, the data provider revealed that 30 transactions had been recorded within this period, down from a weekly average of 45.
ShibTorch might have contributed to recovering from the massive plunge earlier in the week. Now, there is bullish sentiment that pushed Shiba Inu whales to a new accumulation frenzy. SHIB can use the automatic burn feature to pursue a more sustainable pathway toward shrinking its supply. This is a major catalyst for large holders, as they benefit the most from the value boost that might be expected in the long term.
The activities of these whales have pushed the token's price up 1.55% in 24 hours to $0.00001326, per data from CoinMarketCap. In the near term, the token is eyeing retesting $0.00002, a feat that, if achieved, will mark its highest level in over a month.
SHIB trends to watch out for
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This major ShibTorch on Shibarium came a few days after the Blockchain Futurist Conference held in Toronto. It is not uncommon for the meme coin protocol to reveal crucial updates at conferences. To solidify its growing influence, the project has revealed its plans to host ShibaCon 2024 in Thailand in the coming weeks.
While publicity for this conference is now in full gear, ecosystem developers like Shytoshi Kusama might make crucial announcements that can further boost the market sentiment.
