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In a surprising development, the Shiba Inu ecosystem has experienced an extraordinary surge in on-chain transactions, particularly concerning the BONE token. According to data, there has been an unprecedented 1,680% increase in large transactions valued at $100,000 or more.
IntoTheBlock, a prominent blockchain data provider, revealed that large SHIB transactions saw a significant spike, surging by $1.88 million. This surge translates to a 1,680% increase, equivalent to approximately 2.59 million BONE tokens. Consequently, the daily large transaction volume reached 2.75 million BONE or $2 million, marking a substantial uptick in on-chain activity.
Remarkably, this surge in on-chain transactions occurred simultaneously with a 3.3% decrease in the BONE token's price over the last 24 hours. The Shiba Inu token has been experiencing a downward trend for the second consecutive week, facing an overall price decline of 14.7% since the beginning of October.
This unexpected surge in on-chain activity has piqued the interest of on-chain analysts. While the BONE token's market value may be fluctuating, the significant increase in large transactions suggests robust underlying interest in the Shiba Inu ecosystem.
As the SHIB community observes these developments, the focus remains on understanding the implications of this notable on-chain growth for the future of the BONE token.
Yuri Molchan
Tomiwabold Olajide
