In a sensational turn of events, the Shiba Inu token (SHIB) has staged a remarkable comeback against market bears, witnessing an unparalleled surge in on-chain activity.
According to data from blockchain analytics platform IntoTheBlock, large transactions valued at $100,000 or more have skyrocketed by an astonishing 385% within the last 24 hours.
Behind the scenes, whale transactions involving SHIB have surged from $19.54 million to an eye-popping $69.32 million, resulting in the exchange of an astronomical 7.29 trillion SHIB tokens. This surge in whale activity not only underscores renewed investor interest but also signals a bullish shift in the market sentiment surrounding Shiba Inu.
On the price front, SHIB has rebounded with a 5.4% gain in the past 24 hours, recovering from the substantial drop witnessed on Monday across the broader cryptocurrency market.
Shiba Inu (SHIB) price outlook
Although SHIB has retracted from the coveted $0.00001 per token, it is still holding steady around $0.0000096. For many Shiba Inu enthusiasts, this price level remains an attractive proposition, especially considering the token's value in early December.
Adding to the positive momentum is the surge in inflows from large SHIB holders. Over the past 24 hours, this key indicator for the popular token has surged by an impressive 539%, reaching a volume of 5.61 trillion SHIB.
This influx highlights a significant accumulation of tokens in the wallets of Shiba Inu's largest whales. In stark contrast, outflows were notably lower, standing at 923.82 billion SHIB, emphasizing prevailing confidence among large holders.