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.
Whale transactions involving SHIB have soared to new heights, catapulting from $32.06 million to an astounding $116.44 million.
This surge in whale activity, the most substantial since last August, resulted in the exchange of a whopping 11.98 trillion SHIB tokens.
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.
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.
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.