Top Crypto Updates: Shibarium Growth, Bitcoin Moves, and SHIB Perpetuals on BitMEX

Shibarium's Rapid Expansion

Shibarium, the Layer 2 protocol for Shiba Inu, is experiencing remarkable growth. Since its recent announcement, the platform has seen a substantial increase in wallet addresses and transaction activity. Within just 24 hours, the number of wallet addresses surged from 100,000 to over 300,000, indicating a threefold expansion. This growth continued, with current metrics showing 447,138 addresses and 620,743 transactions. The rapid escalation highlights Shibarium's emerging presence in the crypto ecosystem.

Strategic Bitcoin Accumulation

In a notable development, large Bitcoin holders made strategic moves ahead of the Grayscale v. SEC ruling. According to data, these wallets accumulated approximately $388.3 million worth of Bitcoin just before the case's outcome was publicized. This accumulation strategy proved beneficial as Bitcoin's price rose by 6%, hitting a two-week high of $28,142. The Grayscale victory against the SEC over Bitcoin futures listing has been a significant milestone, influencing market dynamics and contributing to Bitcoin's price surge.

SHIB Perpetuals on BitMEX

The cryptocurrency trading platform BitMEX has introduced new perpetual contract listings for Shiba Inu (SHIB). This addition allows users to engage in long or short positions on SHIB with up to 33x leverage. The SHIB/USD contract operates as a quanto contract, enabling traders to speculate on price movements using Bitcoin as margin, without holding the underlying asset. BitMEX's move to include SHIB perpetuals underscores its commitment to expanding its trading offerings and catering to the growing interest in meme tokens.

These updates reflect dynamic shifts within the cryptocurrency market, highlighting both the rapid development of new blockchain protocols and strategic trading opportunities.