$115 Million Worth of Shiba Inu (SHIB) Transferred By Whales: Price Reaction

The Shiba Inu (SHIB) network is buzzing, but not for the reasons you might think. A staggering $115 million worth of SHIB has been shuffled around by whales, triggering a 5x surge in large transactions.

Timeline of Shiba-inu

Since the tail end of August, the SHIB price trajectory has been notably downward, plunging from a peak of $0.00000838 to a recent low of $0.0000069. This sharp 16.5% descent, aligned with the broader market bearishness, paints a picture of unwavering SHIB sellers.

Shiba inu started the week by dropping to its lowest point since June, as a red wave swept through cryptocurrency markets. This has pushed the global market cap 1.20% lower at the time of writing. XRP fell by as much as 5%, as Ripple's battle with the Securities and Exchange Commission (SEC) continued.

The anticipation by Shiba Inu (SHIB) bulls to start the week on a bullish note might not be going exactly as planned, as the meme coin has joined the general bearish downtrend on the market today. According to data from CoinMarketCap, Shiba Inu is down by 4.43% to $0.0000071, a price level that is an elongation of the 7.89% week-to-date (WTD) price drop.

The cryptocurrency market is currently experiencing a downturn, with a substantial portion of investors in Shiba Inu (CRYPTO: SHIB) and other cryptocurrencies facing losses. What Happened: According to data by IntoTheBlock, 83% of SHIB investors are seeing red despite last month's launch of Shibarium.

In a recent update, Lucie, the official marketing expert for the Shiba Inu development team, shed light on the primary objective behind creating Shibarium, their Layer-2 blockchain. Aimed at attracting a broad spectrum of players and developers, Shibarium seeks to become a hub for gaming, metaverse engagement, and decentralized applications (DApps) at minimal costs.

In the wake of volatile market sentiment, the Shiba Inu coin price has been navigating choppy waters. From August 30th, the coin price significantly dropped from a $0.000846 swing high and plunged to the $0.000000739 mark.

Shiba Inu (SHIB) seems to have hit a rough patch in recent times, as its price struggles to gain traction in the volatile crypto market. Investors who witnessed a major rally between mid-June and mid-August are now grappling with the harsh reality that these gains have been almost entirely wiped out.

Lucie, the official marketing expert of the Shiba Inu dev team, haw revealed what primary objective the creators of Shibarium had in mind regarding adoption when they built and launched it.

In the evolving intersection of virtual communities and real-world businesses, Shytoshi Kusama, the lead developer of Shiba Inu (CRYPTO: SHIB), has highlighted the transformative potential of their platform, Shibarium , presenting a clearer picture of the synergy between virtual communities and real-world business operation. The Shiba Inu Ecosystem, notably through its platform Shibarium, has been pushing the boundaries of this synergy, particularly in the two weeks since Shibarium's launch.

In recent weeks, Shiba Inu has failed to become the hot discussion in the meme coin market, as the launch of Shibarium did not generate enough buying pressure to challenge put holders.