Ripple plans to launch a dollar-backed stablecoin, Shiba Inu key indicators soar 1058%

According to U.Today, Ripple recently revealed in an online event that it plans to launch a US dollar-backed stablecoin later this year. The company stated that the market value of stablecoins has reached $150 billion and is rapidly expanding, highlighting a clear demand for "trust, stability, and practicality". Ripple's new stablecoin will be 100% backed by US dollar deposits, cash equivalents, and government bonds. To provide transparency, Ripple will conduct an audit every month. The company also said that due to its firm belief in the multi-chain future of cryptocurrencies, the new stablecoin will be launched simultaneously on Ethereum and XRP ledgers; later on, the issuance of the stablecoin will also extend to other blockchains.

Data provided by IntoTheBlock yesterday showed that Shiba Inu's whale net inflow indicator increased by 1058%, indicating significant changes in whale activity in the market. This dramatic surge in indicators may suggest strong buying activity as whales seem to be accumulating SHIB. This massive movement triggered by whales could be caused by several factors. As Meme coin prices have recently fallen, whales might have had opportunities to buy large amounts of SHIB at discounted prices. Such behavior is typical for big players or whales who want to strengthen their positions through leveraging market adjustments.