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SHIB Price Rise Triggers Epic 260% Surge in Large Shiba Inu Transactions

Sun, 07/30/2023 - 12:46
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Gamza Khanzadaev
Large Shiba Inu transactions witness whopping triple-digit spike following SHIB price epic surge
SHIB Price Rise Triggers Epic 260% Surge in Large Shiba Inu Transactions
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The Shiba Inu community is buzzing with excitement as SHIB experiences an astronomical surge in price, setting off a chain reaction of massive transactions. Crypto intelligence portal IntoTheBlock has reported a jaw-dropping 260% surge in high-value deals linked to the Shiba Inu token, valued at $100,000 or more, over the past 24 hours. This translates to a staggering increase of $27 million in large transactions, propelling the total transactions involving SHIB to an eye-popping 5.25 trillion in just one day.

Source: IntoTheBlock

What triggered this impressive spike?

The answer, as was said, lies in the remarkable performance of the SHIB token's price, which began unfolding on Friday. Following a wave of enthusiasm for dog-themed meme coins, the Shiba Inu token witnessed a remarkable 13% surge, reaching its highest value in the past two months. This meteoric rise further boosted the market cap of SHIB by an astounding $500 million.

SHIB to USD by CoinMarketCap

As the community tries to decode the reasons behind this unexpected trend, various speculative factors come into play. One possible catalyst could be the scrutiny surrounding Dogecoin (DOGE), fueled by rumors and discussions about crypto payments on the platform formerly known as Twitter. The hype around SHIB is also intensified by expectations regarding the upcoming release of Shibarium, a recent development in the world of Shiba Inu, generating even more interest in the token.

Shiba Inu Suddenly Surges 5%, Outperforms Other Major Altcoins

With all eyes on SHIB, investors are for sure eagerly monitoring its price movements and keeping an ear to the ground for any further developments that may propel the token to new heights.

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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.