The price of Shiba Inu experienced a sharp increase in response to the Bitcoin price breaking above $64,000 for the first time in more than two years.
In early trade today, Shiba Inu increased and reached a multimonth high of $0.00001473. The SHIB price was up 25% to $0.00001365 at the time of writing, and it was also gaining 41% per week. With $2 billion exchanged, Shiba Inu’s 24-hour trading volume had increased 114%.
Shiba Inu is expected to record its sixth day of advances in a row since February 24. SHIB reached a major milestone as a result of the current price increase, with 86,470 addresses purchasing 415.67 trillion SHIB at an average price of $0.000016 between the range of $0.000013 and $0.000019.
According to IntoTheBlock statistics, a rise in significant holder inflows has coincided with a 700% increase in price. Since the start of its surge on February 25, Shiba Inu has witnessed a consistent increase in substantial holder inflows.
Because many of these addresses buy on centralised exchanges and then shift their purchases into cold storage, large holders’ inflows show significant purchasing activity. Large holder inflow spikes can also be a warning of impending price bottoms because these addresses tend to purchase in bulk following notable declines.
Significantly, from 336.79 billion SHIB on February 25 to 2.08 trillion SHIB on February 28, the influx of SHIB major holders has surged.
Significantly, Shiba Inu plans to enhance the value proposition of SHIB tokens by introducing a new network that prioritises privacy on top of the Shibarium blockchain.
On the network that isn’t yet called, Shiba Inu and open-source cryptography startup Zama are working together. The network will make use of Fully Homomorphic Encryption (FHE), a privacy approach that spares developers from having to decode data in order to access it on untrusted domains.
