In a recent development, the Shiba Inu token has witnessed an astonishing surge, rocketing an eye-popping 296% in on-chain activity within the past 24 hours. Data provided by IntoTheBlock reveals a sudden influx of significant transactions involving SHIB, propelling the cryptocurrency into the spotlight once again.
The volume of these substantial transactions has skyrocketed from 1.92 billion to an unprecedented 5.68 trillion tokens, resulting in a remarkable surge in USD value from $17.32 million to $52.32 million.
It is noteworthy that IntoTheBlock's analysis focuses solely on transactions exceeding $100,000, with 68 such transactions recorded over the past day, a stark contrast from the 19 transactions observed the previous day. This surge hints at a diverse array of transactions, likely involving a greater number of investors engaging with Shiba Inu tokens.
Shiba Inu (SHIB) price outlook
With significant players reentering the Shiba Inu network, all eyes are now fixated on the trajectory of the SHIB price. The surge in whale activity within SHIB coincides with a notable price surge, with the token's value spiking by over 6% in the last three days, reaching its highest point in over two weeks. At present, SHIB is valued at $0.0000094 per token.
The intriguing question arises: Did the increased whale involvement directly influence this price action, or is it a consequence thereof?
Regardless, Shiba Inu has emerged as a focal point in the cryptocurrency market, attracting enthusiasts and traders alike who closely monitor the unfolding dynamics of whale plays and the surge in SHIB quotes.