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Large Shiba Inu (SHIB) Transactions Witness Jaw-Dropping 600% Surge Overnight

Sun, 08/06/2023 - 11:08
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Gamza Khanzadaev
Shiba Inu token witnesses unprecedented triple-digit surge in significant transactions as 'Summer of Shibarium' proceeds
Large Shiba Inu (SHIB) Transactions Witness Jaw-Dropping 600% Surge Overnight
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In an astonishing twist of events, the Shiba Inu token, known as SHIB, has demonstrated spectacular on-chain dynamics with an unprecedented surge in substantial transactions. According to IntoTheBlock, a leading blockchain analytics platform, there has been an astounding spike in transactions valued at $100,000 or more.

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Within a mere 24-hour window, these high-value deals involving SHIB experienced explosive growth of $91 million, representing a staggering surge of 600%. This sudden upswing has contributed to an eye-popping 8.71 trillion SHIB tokens exchanged, catapulting the total daily transactions to an extraordinary 10.44 trillion.

Source: IntoTheBlock

The meteoric rise in this crucial on-chain metric is being largely attributed to the mounting anticipation surrounding Shibarium, Shiba Inu's proprietary Layer-2 solution. With the significant event expected to unfold sometime in mid-August, the project's community has been buzzing with excitement. Although exact dates remain undisclosed, enthusiasts and participants alike are actively hyping the upcoming development.

SHIB Army is ready

The recent surge in large SHIB transactions highlights the heightened interest and confidence investors and community have in the project's future. Many speculate that the anticipated Shibarium launch could be a game-changer for the already popular cryptocurrency.

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With the crypto world watching intently, all eyes are on SHIB's next move. As the project's team keeps details under wraps, the anticipation builds, and Shiba Inu enthusiasts brace themselves for the possibility of even more significant developments in the near future.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.