An abnormally high volume of large transactions has been seen with the Shiba Inu token, SHIB, for the second day in a row. Thus, according to data from IntoTheBlock, the volume of transactions of at least $100,000 in size yesterday amounted to just under $40 million in the last 24 hours. The day before, it was even higher at $42.36 million.
Translating these numbers into Shiba Inu tokens yields 5.56 trillion SHIB and 5.96 trillion SHIB, respectively. That's a lot.
What the main contributor was to this anomalously high activity is actually known. It is two large transfers of Shiba Inu tokens made at the beginning of the week.
Back then, U.Today, citing Whale Alert, reported the movement of more than 4.57 trillion SHIB between unknown wallets. Each of the transfers was worth at least $31.4 million. There were also smaller transfers, if half a million dollars in SHIBs can be counted as such.
Bigger picture
However, these transfers are just a fragment of the unfolding narrative. The true reason behind this surge can likely be attributed to the unforeseen Bitcoin (BTC) pump that rippled through the cryptocurrency market like an earthquake.
This surge in Bitcoin value has reverberated across the entire crypto landscape, inciting increased trading activity by crypto whales and driving unprecedented transaction volumes within the Shiba Inu ecosystem in particular.
Vladislav Sopov
Denys Serhiichuk
