In a surprising development, the Shiba Inu token (SHIB) has experienced a significant on-chain surge, as reported by blockchain analytics platform IntoTheBlock.
Large transactions, valued at $100,000 or more, have witnessed an extraordinary 3,257% spike within the last 24 hours.
Whale transactions involving SHIB have surged by $35.05 million, rising from $1.11 million to an impressive $36.16 million. This surge led to the exchange of four trillion SHIB tokens, reminiscent of a similar on-chain surge observed on Nov. 22, with whale transactions reaching a value of $51.71 million.
Simultaneously, the SHIB price has seen a noteworthy 9.3% increase. After consolidating within a critical price range, with the upper boundary at $0.0000084, SHIB is currently valued at $0.0000092. The token is now on the brink of surpassing the $0.00001 mark, requiring 8.69% growth, slightly less than the previous day's performance.
The surge in transactions and price is occurring against the backdrop of favorable conditions on the broader crypto market. As the market closely watches, SHIB's price chart is under scrutiny to see if it can achieve the significant milestone of erasing a zero from its price.
The anticipation is palpable as SHIB navigates these critical price levels, providing the Shiba Inu community with an intriguing narrative in the midst of market fluctuations.