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Shiba Inu (SHIB), a dog-inspired meme coin, originally dismissed by many as just another fleeting fad, is now drawing serious attention from big players, or \u201cwhales,\u201d in the crypto space. This attention comes amid the tokens\u2019 recent sloppy launch of its other project<\/a>, Shibarium.<\/span><\/p>\n Blockchain security team Beosin recently reported<\/a> that the newly deployed Shibarium platform has had transactions stalled in a pending state, tying up approximately 1,003 ether, equivalent to $1.8 million in locked funds.\u00a0<\/span><\/p>\n \ud83d\udea8Transactions on #Shibarium<\/a> are stuck in a pending state. Users are advised to temporarily stop using shibarium.https:\/\/t.co\/io5puAibBc<\/a> https:\/\/t.co\/q2SXqtthoO<\/a><\/p>\n \u2014 Beosin Alert (@BeosinAlert) August 17, 2023<\/a><\/p>\n<\/blockquote>\n This sloppy launch has affected the SHIB token negatively seeing the tokens\u2019 price decline by nearly 10% over the past 24 hours. However, despite this plunge whales are reportedly still making moves on Shiba Inu.<\/p>\n According to Santiment<\/a>, a prominent blockchain data firm, there has been a noticeable increase in transaction activity by whales across several digital currencies, including SHIB and XRP. <\/span><\/p>\n \ud83d\udc33 As the crowd feels the pain, there are several assets seeing an increase in whale activity. As they attempt to capitalize on the discounted prices, read about the four projects we\u2019re seeing some notable activity rises: $SHIB<\/a>, $XRP<\/a>, $SAND<\/a>, & $CAKE<\/a> https:\/\/t.co\/SnuKebg7h1<\/a> pic.twitter.com\/VWKlH95yU0<\/a><\/p>\n \u2014 Santiment (@santimentfeed) August 17, 2023<\/a><\/p>\n<\/blockquote>\n Specifically, for Shiba Inu, the numbers are compelling. Santiment\u2019s data shows that there\u2019s been a surge in transfers of SHIB valued at $1 million or higher<\/a>. <\/span><\/p>\n According to Santiment, a possible reason for the increase in whale activity could be that these large investors are attempting to \u201ccapitalize on discount prices\u201d of Shiba Inu and the other cryptocurrencies recording a surge in whale activity<\/span><\/p>\n Furthermore, this uptick in activity closely follows significant events in the Shiba Inu ecosystem, particularly the mainnet launch of Shibarium<\/a>, which could be another contributing factor.<\/span><\/p>\n Shibarium represents a crucial advancement for the SHIB community<\/a> and its broader ecosystem. And though its launch didn\u2019t go as planned, its introduction likely plays a role in attracting these large investors and traders to SHIB, looking to capitalize on new opportunities brought about by the platform\u2019s capabilities.<\/span><\/p>\n Over the past 24 hours, Shiba Inu has been in red regardless of the surging whale activity. Particularly, the dog-inspired meme coin<\/a> has recorded a loss of 9.9% over this period and with a current market price of $0.0000087, at the time of writing.<\/span><\/p>\n This plunge is also reflected in the asset\u2019s market capitalization which has seen a substantial loss of more than $600 million in the past day. Interestingly, despite the blood bath, Shiba Inu\u2019s daily trading volume has remained resilient<\/span>.<\/p>\n\n
$1.7M are currently locked on ETH.<\/p>\nShiba Inu Whale Activity Surges<\/h2>\n
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SHIB Declines Nearly 10% In The Past Day<\/h2>\n