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Shiba Inu (SHIB) has witnessed a significant surge in on-chain activity, with large transactions increasing by 50%, according to data from IntoTheBlock. Over the last 24 hours, the volume of such transactions rose from 4.79 trillion to 7.23 trillion, reflecting heightened engagement from major players on the SHIB market.
This surge represents a substantial increase in money terms, climbing from $141.7 million to $219.23 million.
The uptick in large transactions suggests growing interest in the Shiba Inu token among high-net-worth individuals, evidenced by the rise in transactions exceeding $100,000. In the past day, 539 such transactions were recorded, marking a notable increase compared to the previous day's figure of 418.
One notable transaction drew attention when two trillion SHIB, valued at over $62 million, was moved to an unknown wallet amid regulatory issues at KuCoin, a major exchange. However, further analysis revealed that the recipient address was a hot wallet associated with the exchange itself.
No resistance for Shiba Inu
This surge in whale activity coincided with SHIB's price breaking through a key resistance level around $0.00003 per token. Following days of testing, the price surged to $0.000045 per SHIB. Currently, the price chart indicates a retest of the $0.00003 level, which, if maintained, could serve as a support level for SHIB's price.
With whale activity surging and the SHIB price turning decisively bullish, all eyes remain firmly fixed on Shiba Inu's next moves in the crypto arena.
Yuri Molchan
Tomiwabold Olajide
Godfrey Benjamin
