intotheblock

Shiba Inu ($SHIB ) on-chain activity has shot up, and the numbers are too big to ignore, as represented by #IntoTheBlock . In just one day, the total transaction volume for #SHIB jumped from 1.8 trillion tokens, equal to $22.84 million, to a whopping 7.37 trillion SHIB, which was worth around $93.56 million.
While the price of SHIB did not change much during that same time - it was mostly around $0.000013 - the increase in volume was what got real attention. You Migh
If you look at the big picture, this move really stands out compared to the previous week, when the average daily volume was about 2.78 trillion SHIB, which is just over $36 million.
That makes this recent activity more than double the weekly average, and well above the seven-day low recorded on May 1, when volume dipped to 1.09 trillion SHIB, worth just $14.69 million.
Even though the number of transactions went up a great deal, the number of transactions per user did not increase as much. On May 5, the on-chain count hit 3,940 transactions. Thus, it looks like the surge was not driven by retail traders making lots of small moves. It is more likely that there were fewer but much larger transactions. These were probably tied to whales, internal transfers or pre-structured capital shifts.
It is unclear if this spike is a sign of bigger price movements or just large holders shifting their funds around. Either way, the sudden jump in volume has put Shiba Inu back on the map for those keeping an eye on the early signs in the altcoin market.
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@WISE PUMPS ’s daily news digest keeps you informed of the most important updates in the crypto industry
#Grayscale CEO steps down
Binance issues important update on token listing strategy
Litecoin ($LTC ) whales waking up
@WISE PUMPS presents the top three news stories over the past day.
Grayscale CEO steps down
According to a recent press release, Michael Sonneshein, CEO at Grayscale, has stepped down from his position "to pursue other interests" after working at the company for 10 years. Succeeding Sonnenshein is Peter Mintzberg, global head of strategy for asset and wealth management at Goldman Sachs, with over 20 years of experience across the world’s leading #asset managers. Mintzberg will take up his new position on Aug. 15, 2024, joining Grayscale's Board of Directors at the same time. Following the CEO transition, Barry Silbert, founder and CEO of Digital Currency Group, took to social media to thank Sonnenshein for guiding the firm through exponential growth and to wish him "the best in his future endeavors." Sonneshein, in turn, thanked Silbert for his vision while wishing the Grayscale team "every success." 
Binance issues important update on token listing strategy
In a recent announcement, Binance revealed its plans to make a drastic change to its token listing strategy. As stated in Binance's blog post, the exchange spotted a trend of listing predominantly high-value projects with low circulating supplies; such market structure causes concerns, wrote Binance in its recent report titled "Low Float & High FDV: How Did We Get Here?" as it leaves little sustainable upside for traders after the token generation event. To foster a healthy industry with a variety of market participants, Binance is stepping forward, providing support to smaller- to medium-valued projects. According to Binance, project owners may apply for listing on its platform through any of its channels. However, to qualify for listing as a small- or medium-cap project, applicants must have a Minimum Viable Product (MVP).
Litecoin (LTC) whales waking up
Over the past month, Litecoin whales have gone on a major accumulation spree. Data provided by #IntoTheBlock shows that in the last 30 days alone, Litecoin whale addresses have accumulated 2,751,633 LTC. The peak of activity occurred on May 10, when whale addresses saw a net inflow of over 900,000 LTC. Such accumulation could signal a major change in the Litecoin ecosystem and a rise in confidence among major holders. Especially notable was the May 10 single-day net inflow of over 900,000 LTC. This indicates a significant change in whale behavior, marking the largest daily accumulation of whale addresses since February. Previously, @WISE PUMPS reported that the #Litecoin network had processed over 245 million transactions since its inception, with a notable 39 million of those transactions occurring in 2024 alone. It is possible that whales are setting up to capitalize on Litecoin's impending developments.#BTC

Shiba Inu and three key data points might help SHIB rebirth
Shiba Inu (SHIB) was subjected to a major downtrend as market investors failed to hang onto the hype within the ecosystem on updates from lead developer #ShytoshiKusama . At the time of writing, Shiba Inu is changing hands for $0.00002401, down by 4.89% in the past 24 hours.
As Shiba Inu struggles to find its feet, three major on-chain metrics are worth watching closely.
#ShibaInu: reboot mission
While some investors focus primarily on price trends, a lot of other key ecosystem stakeholders focus on network actions, which generally determine the potential for long-term upsurges.
One of these is the profitability of SHIB. Per data from IntoTheBlock, a little more than 60% of addresses on the network accounting for 806,850 SHIB wallets are in profit at the moment.
With only 36.36%, or 475,260, Addresses out of the money, long-term investors are optimistic that $SHIB remains in a bullish spot, with its more than 129% growth in the year-to-date (YTD) factored in. Besides this, the Shiba Inu correlation with Bitcoin ($BTC ) is also a major factor to note.
As long as Bitcoin remains in good terrain owing to the accumulation of spot BTC ETF products, Shiba Inu may also maintain a fairly strong resilience. Lastly, Shiba Inu holders' composition time speaks volumes about the emancipation of the digital currency.
Per the #IntoTheBlock data, over 76% of current Shiba Inu holders have held it for more than one year. Those holding for 1-12 months are worth 21%, while those holding for less than one month are about 3%. 
With this composition, should short-term holders choose to liquidate their holders, the impact may not weigh the token down very much.
Shiba Inu fundamentals 
Besides the technical validation that is showing SHIB's retention, the trend on Shibarium and the expectations of network growth have helped sustain the optimism for the token overall.
From the Shibarium hardfork to the many listings of the Shiba Inu ecosystem tokens, the question of SHIB's rebound is a matter of if and not when.
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