Impending Shibaverse causes an uptick in transactions of large wallet addresses holding SHIB.
On-chain data has revealed increased trading activity among whale wallets holding the SHIB token. The numbers show that the volume of transactions greater than $100k recorded a multi-month high yesterday. The $389.89 million traded brings the total volumes of transactions in the last seven days to $1.04 billion.
SHIB’s Price And Volume Correlation
The statistics show that the large volumes of transactions carried out account for 81% of all on-chain transactions. The spike in volume has also positively correlated with SHIB’s price. This hints at possible accumulation by whales.
To understand the magnitude of the volume increase, one only has to compare the seven days high to the low. The lowest volume of $27.68 million was recorded on 3 February 2021. The seven day high of $389.98 million occurred four days later as whale buying became rampant.
Source: IntoTheBlock
The chat shows that both metrics have maintained a close association since early January. But, a divergence happened around the 20th of January when a slump in price brought a corresponding spike in volume. Since then, the two metrics have continued their direct relationship with the current spike in volume, causing a corresponding price increase. Consequently, the price and volume of SHIB have seen a direct and positive correlation.
The increase in volume has coincided with fresh volatility in Shiba as the number of token holders doubled in 3 months. Several reasons including, a valentines day burning event and the possible launch of Shibarium, a layer 2 scaling solution, have fueled the increasing volume. However, these events do not entirely explain the spike in volume and volatility Shiba has experienced recently.
The ‘Shiberse’ Shiba Inu’s Attempt At The Metaverse
Shiba Inu is the most recent meme coin to enter the Metaverse. The canine-themed cryptocurrency announced the release of its ‘Shiberse’ in 2022. For almost a week, SHIB’s principal developer Shytoshi Kusama had teased investors about the progress before the team has made it official.
With the cryptocurrency market is in a slump, Shiba Inu’s foray into the Metaverse has provided a ray of hope to its investors. The situation has already created much buzz on social media, with holders discussing how the development would transform the tokens fortunes. This has also seen SHIB whales continue to accumulate the meme coin in anticipation of the Shiberse.
Shiba Inu’s Shiberse’s entry is a ground-breaking process that will provide its investors with an immersive experience in the Metaverse. Shiberse’s unique service proposition is its high-quality visuals, which are state-of-the-art and would be a memorable adventure.
In all, Siba Inu is at a crucial point in its evolution. With Shiberse, it can now rub shoulders with other big wigs in the industry. It is unquestionably set for a hot run in 2022, with a slew of new products on the way.
Do you think SHIB evolving into a token with full utility from its current meme coin status? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
