700% Increase in Large SHIB Transactions in 48 Hours

Shiba Inu has evolved to become a prominent meme coin. The developers of Shiba Inu have been working on building new utilities and features for the project’s community.

One of their major technical initiatives has been the development of Shibarium, which is intended to be a layer-2 scaling solution for the Shiba Inu network. Shibarium aims to improve transaction speeds and reduce fees through layer-2 technology.

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The launch of Shibarium represents a major milestone for the Shiba Inu developers as they continue building out the project’s technological capabilities.

Shiba Inu has seen a notable spike in large transactions of over $100,000 in the past two days. According to blockchain data provider IntoTheBlock, these transactions have surged over 700% since Monday.

Shiba Inu records movement of trillions of SHIB

Specifically, IntoTheBlock recorded $17.39 million worth of large Shiba Inu transactions, accounting for approximately 2.06 trillion SHIB moved. This has contributed to a daily transaction volume of 2.43 trillion SHIB in the past 48 hours.

The surge can be attributed to the long-awaited relaunch of Shibarium, the Layer 2 scaling solution. Despite some initial setbacks during Shibarium’s reboot, collaborative troubleshooting between SHIB developers and Polygon engineers got the protocol back online and running smoothly.

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With Shibarium’s issues resolved and the platform operational again, investors and speculators appear to be piling back into SHIB. Large transactions over $100,000 seem to make up the bulk of this renewed interest.