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Shiba Inu Breaks Multimonth Record in 363% On-chain Boost Amid SHIB Price Surge

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Thu, 7/12/2023 - 9:26
Shiba Inu Breaks Multimonth Record in 363% On-chain Boost Amid SHIB Price Surge
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In a jaw-dropping turn of events, the Shiba Inu token (SHIB) has achieved an unprecedented on-chain surge, marking a staggering 363% increase in large transactions valued at $100,000 or more within the last 24 hours. This groundbreaking revelation comes courtesy of blockchain analytics platform IntoTheBlock.

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Whale transactions involving SHIB have soared to new heights, catapulting from $32.06 million to an astounding $116.44 million.

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Shiba Inu's (SHIB) Price Explosion: Meme Coin Cracks Crucial Ceiling

This surge in whale activity, the most substantial since last August, resulted in the exchange of a whopping 11.98 trillion SHIB tokens.

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Source: IntoTheBlock

Against the backdrop of this on-chain phenomenon, the SHIB token exhibited a notable 15% increase in price, maintaining a bullish trend throughout the first six days of December.

No hidden catch

However, yesterday's market activity witnessed equivalent movement in a single day, culminating in a swift sell-off that left a pronounced long wick on the Shiba Inu token's price chart.

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SHIB to USD by CoinMarketCap

Contrary to expectations, the sharp change in the index does not necessarily spell negative news. Analysis of the Large Holders Netflow metric revealed a remarkable net inflow of 3.873 trillion SHIB to the wallets of the largest holders. 

This influx challenges the assumption that whales were responsible for the sell-off, introducing a layer of complexity to the narrative.

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As the Shiba Inu token continues to break multimonth records both in terms of on-chain activity and price movement, the cryptocurrency market is abuzz with speculation and intrigue.

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