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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive spike in on-chain activity in the last 24 hours, as some of the largest holders of the token or whales have moved significant amounts of SHIB to different destinations.
According to data from blockchain analytics platform IntoTheBlock, the volume of large transactions involving SHIB, valued at $100,000 or more, has increased by a staggering 1,173.58% in the last 24 hours.
The volume of these large transactions has surged by 4.74 trillion SHIB, from 408.72 billion SHIB on Jan. 18 to 5.15 trillion SHIB on Jan. 19.
The monetary worth of these large transactions is $47.64 million. A surge in large transaction volumes typically implies huge activity among whales, whether buying or selling.
Tomiwabold OlajideThe transaction volume recorded on-chain in the last 24 hours amounted to 6.48 trillion SHIB, a remarkable increase from 1.61 trillion SHIB on Jan. 18 to 6.48 trillion SHIB on Jan. 19.
The surge in on-chain activity has also coincided with a rebound in SHIB's price, which has gained nearly 5% in the last 24 hours.
SHIB price action
The Shiba Inu price picked a rebound after Friday's drastic drop to lows of $0.00000878. The gains were sustained till early Saturday trading, with SHIB up 2.31% in the last 24 hours to $0.00000947.
Shiba Inu bulls continue to persist in their attempts to erase a zero from the SHIB price. Although their efforts have yet to yield the desired results, they seem to be getting closer to their target.
On the upside, Shiba Inu bulls would contend with the daily MA 50 at $0.000010 to achieve their goal of erasing a zero off the SHIB price.
Shiba Inu Layer 2, Shibarium, is approaching the big milestone of 300 million total transactions. According to the Shibariumscan explorer, total transactions are now at 296,739,458. Wallet addresses are now at 1,342,391, while total blocks are at 2,739,095.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin