'Dogecoin Killer' Shiba Inu Surges 5%: What Is Going On?

Shiba Inu SHIB/USD is up 5% on Tuesday, with on-chain activity surging and large transactions hitting new peaks.

Trader Notes: Crypto trader CW highlighted that SHIB is rebounding from a buy wall zone, forming additional sell walls along the way.

The trader suggests that if these sell walls break, SHIB could enter a true bull market.

Statistics: Shibarium data shows a significant increase in daily transactions, jumping from 3.2 million to 4 million in a single day.

The 1 billion transaction milestone was achieved in just two years—a remarkable feat compared to Bitcoin's 15-year journey.

Shibarium's official X account emphasized that this milestone was driven by organic community support, not artificial traffic or paid campaigns.

IntoTheBlock data shows SHIB large transaction volume soaring 465.2% in a single day, while daily transactions rose by 69.6%. Transactions greater than $100,000 moved up from 23 to 74.  

Community News: Shiba Inu's lead developer, known as Shytoshi Kusama, recently updated his location on X to “Cracking The Chrysalis”, sparking speculation within the SHIB community.

The term "chrysalis" symbolizes transformation of a cocoon stage before a butterfly emerges—hinting at a major upcoming development.

Crypto Twitter is buzzing with speculation that SHIB could be on the verge of a breakthrough, potentially signaling a bullish phase for the meme coin.

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