In a jaw-dropping turn of events, the Shiba Inu (SHIB) community is witnessing an unprecedented surge in whale activity, marking a momentous leap toward the elusive goal of erasing a zero from the token's price. Data from IntoTheBlock reveals that over the past 24 hours, whale transactions involving SHIB have exploded, surging by an astonishing $56.45 million — a remarkable spike of 651%.
This sudden uptick in whale movement has resulted in a staggering total of 5.9 trillion SHIB tokens being exchanged within a mere 18 transactions, each exceeding $100,000. While the number of transactions may seem relatively small, the volume involved is nothing short of extraordinary.
Shiba Inu (SHIB) price in action
Meanwhile, the SHIB price continues to hover near the crucial threshold of $0.00001, commanding the focus of enthusiasts and traders alike. The erasure of a zero from the Shiba Inu token price has been a central topic within the community for weeks. Although SHIB achieved this milestone in the short term, sustaining the momentum proved challenging, causing the token to retreat to five zeros after the decimal point.
The difficulty lies in the fact that concentrations of Shiba Inu tokens above $0.00001 are causing losses for holders. IntoTheBlock reports a whopping 580.51 trillion SHIBs concentrated across 328,050 wallets in the $0.00001 to $0.000019 range — more than half of the total token supply.
For the SHIB price to not only erase a zero but to ascend further, absorbing this massive volume becomes imperative.