In a surprising turn of events, Shiba Inu (SHIB) has experienced an astonishing surge in large transactions, reaching a staggering $110.53 million in the past 24 hours, as reported by on-chain portal IntoTheBlock.
This unprecedented activity, representing a remarkable 275% increase, is equivalent to a whopping 7.22 trillion SHIB in terms of tokens.
Notably, this surge comes at a time when the Shiba Inu token faced a substantial price drop of over 11%, plummeting from $0.00001195 to $0.00001 in the past day.
Despite the market downturn, large players engaged in 186 transactions, each with a volume of at least $100,000, contributing to a total volume of 10.72 trillion SHIB.
Contrary to expectations, data from Large Holders Inflow suggests that major players on the SHIB market did not unload their holdings during this period. In fact, they increased their positions by a staggering 6.32 trillion SHIB, marking a remarkable 407% surge compared to the previous day.
The apparent paradox of rising whale activity amid a price decline suggests a strategic move by significant participants. It appears that after SHIB's impressive 45% price surge since the beginning of December, many market participants opted to capitalize on their gains, triggering the recent sell-off.
However, on-chain statistics tell a different story, revealing that the most substantial players not only weathered the storm but actively accumulated more SHIB during this period.