Shiba Inu (SHIB) is on fire! At least it seems that way since there has been a lot of activity on the blockchain lately and there is a lot of money swirling around the token. For instance, according to IntoTheBlock, there has been a spike in SHIB transactions of over $100,000.
Whale activity has really picked up — we are talking about almost $30.64 million moved by SHIB whales in the last day, a 40% increase! This excitement drove the day's trading volume to a crazy high of 1.79 trillion SHIB.
Tomiwabold OlajideNot surprisingly, the SHIB price is also feeling the heat: It jumped 3.7% to hit a high after falling last week. All this suggests that big investors are once again tuning in to SHIB. Since the big players are actively trading, this could definitely affect the market and how stable the price remains.
The trading volume of the popular cryptocurrency also supports this observation. According to CoinMarketCap, SHIB turnover in the spot markets has increased by more than 20% in the past 24 hours to over a quarter of a billion dollars.
SHIB still boomin'
The Shiba Inu community is keeping an eye on this, as whale movements can hint at what the price may be doing next. This flurry of deals could be a sign that market conditions are changing, and perhaps even lead to long-term growth for SHIB.
Arman ShirinyanAs SHIB continues to attract big money, everyone will be watching to see if trading volume and price continue to rise. This surge in whale activity may be the first sign of a larger trend showing that people are becoming more interested and confident in the potential of Shiba Inu.
Alex Dovbnya
Denys Serhiichuk