'Dogecoin Killer' Shiba Inu Rallies 7.6%, As 1.75 Trillion SHIB Coins Moved From Robinhood Wallet

Shiba Inu SHIB/USD is up 7.6% amid significant whale transactions and a the movement of around 1.75 trillion SHIB.

What Happened:Shiba Inu’s ecosystem is undergoing significant upgrades, with the recent Bor hard fork on Shibarium targeting critical bug fixes to enhance transaction processing and network performance.

The upcoming Heimdall hard fork, scheduled for May 3, is expected to further boost transaction confirmation reliability. These developments aim to optimize the blockchain infrastructure for future growth and adoption.

At the Token 2049 conference, Tron founder Justin Sun expressed support for meme coin projects, acknowledging their success with market valuations exceeding $10 billion.

Sun attributed this success to principles like fair launch and community participation, although he noted that traditional finance leaders might not agree with such valuations.

Also Read: How Did Shiba Inu Become The ‘Dogecoin Killer?’ Crypto Whale Thinks ‘Its Mission’ And This One Factor Were Key

Why It Matters: In the past 24 hours, Shiba Inu reported a 9.8% surge in prices, with trading volumes approaching $1 billion.

IntoTheBlock data shows a 67.1% increase in large transaction volume, reaching 138.2 million, and an 11.4% spike in daily active addresses.

Whale Alert data highlighted two significant transactions of 875 billion SHIB coins each, worth $39.2 billion, transferred from a Robinhood wallet to an unknown wallet, sparking speculation within the community.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Are Dogecoin And Shiba Inu Due A Bounce? This Trader Sees ‘Bull Flag’ Forming For One Coin

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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