Shiba Inu (SHIB) on-chain activity has shot up, and the numbers are too big to ignore, as represented by IntoTheBlock. In just one day, the total transaction volume for SHIB jumped from 1.8 trillion tokens, equal to $22.84 million, to a whopping 7.37 trillion SHIB, which was worth around $93.56 million.
While the price of SHIB did not change much during that same time - it was mostly around $0.000013 - the increase in volume was what got real attention.
If you look at the big picture, this move really stands out compared to the previous week, when the average daily volume was about 2.78 trillion SHIB, which is just over $36 million.
That makes this recent activity more than double the weekly average, and well above the seven-day low recorded on May 1, when volume dipped to 1.09 trillion SHIB, worth just $14.69 million.
Even though the number of transactions went up a great deal, the number of transactions per user did not increase as much.
On May 5, the on-chain count hit 3,940 transactions. Thus, it looks like the surge was not driven by retail traders making lots of small moves. It is more likely that there were fewer but much larger transactions. These were probably tied to whales, internal transfers or pre-structured capital shifts.
It is unclear if this spike is a sign of bigger price movements or just large holders shifting their funds around. Either way, the sudden jump in volume has put Shiba Inu back on the map for those keeping an eye on the early signs in the altcoin market.
Vladislav Sopov