Main navigation

Large Shiba Inu Transactions Quadruple as SHIB Price Explodes

Fri, 07/14/2023 - 10:24
article image
Gamza Khanzadaev
Following SHIB price performance, high-stakes Shiba Inu trading skyrockets too
Large Shiba Inu Transactions Quadruple as SHIB Price Explodes
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

In a stunning turn of events, the Shiba Inu token, SHIB, has experienced an unprecedented surge in its price, resulting in a fourfold increase in significant transactions involving the popular cryptocurrency. According to blockchain analytics platform IntoTheBlock, an astounding surge has been witnessed in transactions valued at $100,000 or more.

Unprofitable Shiba Inu (SHIB) Supply Crosses Dramatic Threshold

In just the past 24 hours, these high-value deals involving the Shiba Inu token skyrocketed by an astonishing $56.78 million, reflecting an impressive growth of 390%. This surge alone contributed to a staggering 6.97 trillion SHIB, pushing the total transactions in the past day to a remarkable figure of 9.57 trillion.

Source: IntoTheBlock

Shiba Inu (SHIB) soars 10%

The surge in large transactions can be attributed to the remarkable performance of the SHIB token's price that unfolded yesterday. Following a marketwide surge, the price of the Shiba Inu token experienced a momentous 10% increase, propelling it to its highest value in the past three weeks. This growth was substantial enough to transform the figure 7 in its price to an 8, leaving SHIB holders exhilarated.

SHIB to USD by CoinMarketCap

It can be predicted that the SHIB token will continue to ride the waves of the marketwide trend, with any future price fluctuations unlikely to be influenced solely by its own narratives. Until the SHIB community receives Shibarium, a highly anticipated development for the token, its price will remain tightly correlated to overall market conditions.

Shiba Inu: Bulls and Bears Battle for SHIB Price Direction

With the crypto market constantly evolving, it remains to be seen how SHIB will fare in the long run. Nevertheless, for now, SHIB has cemented its position as one of the most interesting options on the market.

article image
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.