Shiba Inu's Whale Transactions Spike 383% And New Account Creations Soar 15X On Nexo Listing Announcement

Shiba Inu SHIB/USD has experienced a surge in large transaction volume and new accounts following a network upgrade that has made Shibarium even faster. 

What Happened: Digital asset lender Nexo announced the listing of Shiba Inu on its platform, highlighting the coin’s transition from a playful meme to a symbol of community empowerment. Nexo also noted the importance of ShibaSwap, a decentralized exchange that allows users to engage in token swapping and yield farming while maintaining full control over their assets.

Nexo also noted ShibaSwap, a decentralized exchange aimed at engaging users in token swapping and yield farming while allowing full control over their assets.

Shiba Inu’s official project, K9 Finance, has been officially whitelisted on the ShibariumNet Puppynet, becoming an official validator for Shibarium. The recent hard fork has significantly accelerated transactions, which were already known for their lightning-fast speeds.

Also Read: ‘Dogecoin Killer’ Shiba Inu Rallies 7.6%, As 1.75 Trillion SHIB Coins Moved From Robinhood Wallet

Price Action: At the time of writing, SHIB was trading at $0.0000234, down 2.3% over the past 24 hours.

Why It Matters: IntoTheBlock data shows a 382.9% surge in large transaction volume, with daily active addresses increasing by 11.4% to 5,190. Transactions exceeding $100,000 more than doubled, rising from 47 on May 5 to 106 on May 6. Shibariumscan data also reported an increase in active accounts from 977 to 1,453, while new accounts soared more than 15x from 45 to 780 in a single day.

With the successful network upgrade, new transactions on Shibarium increased from 4,837 to 5,899 in a single day.

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

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