Shibarium, the blockchain associated with the Shiba Inu cryptocurrency, has experienced a phenomenal increase in trading volume over the past two days. Data from Shibariumscan reveals that the number of transactions has more than doubled since the previous Thursday, jumping from 88,630 to 177,050 in the last 24 hours alone. This increase brought the total number of transactions made via Blockchain to 420,000 during this period. Here are the details…
Transactions increased, Shiba Inu scam attacks increased
The surge in transactions marked a major milestone for the Shiba Inu ecosystem, bringing the cumulative number of transactions since Shibarium’s full launch in late August to 1.74 million. This increase in activity has undeniably become a center of attention among SHIB enthusiasts. However, in the midst of this growth, an alarming problem has emerged within the Shiba Inu community. Shibarium found itself under attack from scammers allegedly associated with the Pawswap project. The situation was announced by the lead administrator of the project known in the SHIB community as DaVinci.
These scammers are posing as the legitimate PawZone (PAW) project, an established entity, in an attempt to defraud unsuspecting Blockchain users. This unexpected turn of events has raised concerns and increased caution among the Shiba Inu community, which is grappling with both the exciting increase in Shibarium transactions and the unsettling presence of scammers. In parallel, Shiba Inu (SHIB) is currently floating around a price cluster that has everyone talking. You ask why? Because this cluster holds a staggering 5.5 trillion SHIB tokens. Investors are “devouring” SHIB like there is no tomorrow at this price level. Thus creating a unique “In the Money” and “Out of the Money” scenario.
Cryptocurrency is in a critical period
For those who don’t know, “In the Money” (ITB) refers to addresses where the current SHIB price is higher than the average cost at which the tokens were purchased. Conversely, “Out of the Money” means the current price is lower. This interesting metric looks at clusters of prices within +/- 15% range. So what’s the big deal with this cluster of 5.5 trillion Shiba Inu? This is a sign that there is minimal resistance ahead. With fewer holders around this price level, SHIB may find it easier to break out and climb higher. The current SHIB price is around $0.00000744.
Interestingly, according to data from IntoTheBlock, the activity of large transactions, often referred to as “whale” activity, increased by an eye-popping 500%. Usually, when whales start making waves during periods of low volatility, it is a sign that they are accumulating more of the asset. In summary, Shiba Inu is at a very important point. The 5.5 trillion SHIB cluster and the increase in whale activity could herald a significant price movement. The Shiba Inu community is notable for the exciting increase in Shibarium transactions. It is also simultaneously trying to deal with the challenges posed by fraudsters. This is a very important period for the popular cryptocurrency.