'Dogecoin Killer' Shiba Inu Witnesses 6.84M Tokens Shifted To Coinbase, Binance: Rep Touts Shiboshi As 'Passive Income For Life'

Despite Shiba Inu's price currently dropping 5.7% in a single day and jeopardizing growth, the Shib community states that Shiboshi non-fungible tokens (NFTs) are like a passive income for life.

What Happened: Data from IntoTheBlock indicates a sudden spike in Shiba Inu whale transactions to 923 (17.6 trillion SHIB) as of March 11 compared to 588 transactions (5.74 trillion SHIB) as of March 10. This is accompanied by a surprising increase in daily transactions to 1.07 million as of March 11 compared to 800,460 as of the prior day.

Based on data from Arkham Intelligence, trading platforms Coinbase, Binance, Robinhood, Cumberland, and Wintermute witnessed a total inflow of 6.84 trillion tokens, in the past 24 hours, worth $227 million. This major movement of tokens to Coinbase and Robinhood highlights the meme coin’s popularity within the community, including the U.S.

This also raises investor speculation that the trading platforms know something that the crypto community does not, and this may all lead to bullish momentum for the token.

Also Read: Is 'Dogecoin Killer' Shiba Inu Headed For Another 40% Surge? Crypto Analyst Predicts 'Bullish Breakout' For SHIB Under These Conditions

Why It Matters: Lucie, the marketing lead of Shiba Inu, teased the crypto community with her latest tweet, which highlights “passive income for life.” This takes back to the community’s belief that Shiboshi NFTs could serve the purpose of providing passive income for SHIB traders and investors.

The lead developer, Shytoshi Kusama had stated that this will be a source of lifelong passive income rather than something to engage with temporarily for immediate gain.

Lucie's revisit to this old message comes amid the success of Shiboshi, the latest NFT initiative of Shiba Inu.

Mario Nawful, who hosts a show on X, said, “@ShytoshiKusama speaks for the second time EVER!” expresses that he has been against meme coins for years. However, he adds “My perception is changing as more projects create utility on what begins as a meme community.”

In an X space event hosted to celebrate K9 Finance DAO’s platform token, KNINE, and Kusama spoke at the event for the second time.

While Shiba Inu had solidified its position at the 10^th ranking, the current plunge has pushed the token to the 11^th position, surpassing Avalanche. Shiba has now become a crypto project with multiple utility offerings for the blockchain space.

Next: Is Shiba Inu (SHIB) a Good Investment?

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