In a startling turn of events, the Shiba Inu token has experienced a meteoric rise, surging a staggering 514% in on-chain activity within the last 24 hours. This revelation comes from data provided by IntoTheBlock, shedding light on a sudden influx of large transactions involving SHIB.
The volume of these substantial transactions with SHIB soared from 544.71 billion to a whopping 2.82 trillion tokens, translating to a remarkable surge in USD value from $4.88 million to $25.05 million. Notably, IntoTheBlock only takes into account transactions exceeding $100,000 in this analysis, and over the past day, there have been 33 such transactions.
This surge arrives on the heels of a prolonged period of minimal activity among whales in the Shiba Inu token ecosystem. Following a sharp decline in late January, large SHIB transactions had nearly ground to a halt for approximately a week. However, it appears this lull was merely temporary.
All eyes on SHIB
With the return of significant players to the Shiba Inu network, attention is now riveted on the trajectory of SHIB's price. Observers note that SHIB has been in an accumulation phase over the past two weeks, characterized by subdued volatility and relatively unremarkable price movements.
Yet, the resurgence of prominent investors hints at potential seismic shifts in the SHIB price in the immediate future.
As the crypto market braces for what could be a significant upheaval in Shiba Inu's fortunes, investors are poised on the edge of their seats, anticipating the next big move in this increasingly captivating digital asset landscape.