Shiba Inu Whales Accumulate Amid Forbes Endorsement

Shiba Inu (SHIB) whales have recently been actively accumulating large amounts of the meme coin, following a Forbes endorsement of the second-largest meme coin by market cap.

170% Increase in Whale Activity for Shiba Inu

Data from market intelligence platform IntoTheBlock reveals a 170% surge in large transaction volumes for Shiba Inu in the past 24 hours, indicating transactions over $100,000. This spike suggests active accumulation by crypto whales, which is a bullish indicator for Shiba Inu.

These whales can significantly influence a coin’s price. Their recent purchases could trigger a substantial rebound for Shiba Inu, helping it stay above the critical support level of $0.00002. Falling below this level might lead to a wave of sell-offs, further driving the coin’s price down.

Shiba Inu: More Than a Meme Coin

The surge in whale activity coincides with a Forbes article by Sandy Carter, COO of Unstoppable Domains, which praised Shiba Inu. The article described Shiba Inu as "beyond cute" and highlighted its potential beyond being just a meme coin. Carter emphasized that Shiba Inu is setting a technological pace for other digital assets and developing real utility.

Carter mentioned Shiba Inu’s partnership with Zama.ai, resulting in the launch of its Fully Homomorphic Encryption (FHE) solution, which addresses privacy concerns in blockchain technology. This tool enables encrypted data processing and is crucial for creating secure identity, security, and risk management solutions within financial technologies.

Setting Standards in Privacy and Security

Carter noted that Shiba Inu’s privacy solutions will enhance privacy and security in the crypto space and set standards for traditional finance (TradFi) as it converges with decentralized finance (DeFi).

Additionally, Shiba Inu’s team is developing a privacy-focused layer-3 blockchain, integrating FHE technology to allow data encryption even during processing.