In a recent turn of events, the Shiba Inu token (SHIB) has experienced an unprecedented surge, catapulting a staggering 540% in a pivotal on-chain whale statistic. According to data provided by IntoTheBlock, the volume of large transactions involving SHIB has soared exponentially since the week commenced, marking a monumental leap from 1.24 trillion tokens to a jaw-dropping 6.68 trillion within a mere two-day span.
Remarkably, this astronomical growth translates into a remarkable surge in dollar terms, surging from $11.93 million to a substantial $70.45 million, highlighting a remarkable 590% increase. The surge in large transaction volume, which encompasses transactions of at least $100,000, underscores a significant uptick in investor activity, with a notable tally of 297 transactions recorded during the period under scrutiny, 175 of which occurred within the last 24 hours.
A noteworthy aspect of this surge lies in the disparity between volume and dollar terms, with the latter witnessing a more pronounced escalation. This phenomenon can be attributed to the remarkable ascent in SHIB's price, soaring by over 20% during the review period.
The meteoric rise of the Shiba Inu token is not an isolated event but rather mirrors a broader trend of surging meme-based cryptocurrency quotes. In tandem with SHIB's exponential growth, other notable tokens such as PEPE saw a staggering 95% surge, DOGE experienced an 11.63% increase and BONK surged by 16%, underlining a widespread craze in the meme coin market.