Ryoshi, a Shiba Inu-focused project, is gearing up for its upcoming mainnet launch and is undergoing final tests. With just a few weeks left until its release, the mainnet is touted to bring seamless navigation and bridging, lightning-fast transactions at minimal cost, a diverse range of dApps, and an array of new meme projects.
Our developer team works tirelessly to ensure the best possible user experience on the upcoming Ryoshi mainnet. Our mission is clear: to enhance utility for Shiba and advance the goals of the Shiba Army. Together, we’re paving the way for Shib’s future.
The focal point of this groundbreaking development is the implementation of a custom gas token that would pave the way for the broader adoption of SHIB. According to Ryoshi’s earlier post, utilizing SHIB as gas would provide a gateway to the full spectrum of the web3 landscape, including DeFi, NFTs, GameFi, name services, meme coins, staking, and governance. This signifies a monumental step forward, offering Shiba Inu users the tools to explore new frontiers and possibilities, the team added.
The flurry of announcements has sparked renewed interest among investors and traders alike in the red-hot meme coins. In the past seven days, SHIB has grown by an astonishing 136%. As per recent data from CoinGecko, Shiba Inu became the fourth most traded digital asset in the global market, marking a major achievement.
In particular, the SHIB/USDT pair became the second most-traded crypto duo on Binance, following closely behind the dominant BTC/USDT pair.
Whales’ Interest In Shiba Inu Rises
Additionally, whales’ interest in Shiba Inu soared to new heights last week. Data from IntoTheBlock reveals a surge of over 500% in large transactions on SHIB, indicating a return of the meme coin frenzy. This massive jump from 1.2 trillion SHIB tokens to a whopping 6.6 trillion has occurred in a timeframe of just two days.
The growth in large transaction volume is worth over $70.45 million from a mere $12 million, an impressive surge of 590%. A transaction from these cohorts ranging from a minimum of $100,000 to $1,000,000 highlights the increased interest among whales. Subsequently, the uptick in transaction volume has sparked a 1,701% rise in net flow, according to on-chain data.