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In a remarkable turn of events, the Shiba Inu token, SHIB, has experienced an unprecedented surge in on-chain activity, as reported by blockchain analytics firm IntoTheBlock.
Alex DovbnyaThe standout highlight of this surge is the jaw-dropping 454.38% increase in large SHIB transactions valued at $100,000 or more, all within the span of a mere 24 hours. This surge translated into a staggering leap of $35.97 million among large SHIB transactions, accounting for approximately 4.51 trillion SHIB tokens.
Consequently, the overall daily transaction volume of SHIB reached an astounding 5.78 trillion, equivalent to $46.12 million.
SHIB price hits roadblock
However, amid this surge in on-chain activity, the Shiba Inu token faced challenges in its price dynamics. Despite a notable 12.5% rise last week, this week started less impressively for SHIB. Attempts to break through the major price range of $0.000008 faltered.
One may suggest that the current price chart indicates accumulation after a strong price rise, hinting that this setback might be temporary.
The SHIB token's future trajectory remains uncertain, with its price movement closely mirroring the broader cryptocurrency market. Today marks the closing of the monthly candle, and a bullish closure might indicate a stabilizing trend for SHIB.
While the token struggles to erase another zero from its price, the recent on-chain surge signifies growing interest and activity within the SHIB community. Whether this spike in on-chain activity will translate into a sustained upward movement for the token remains to be seen.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov