Shiba Inu (SHIB) sees astonishing 420% surge in whale transactions, propelling its price to new heights
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In a stunning turn of events, the Shiba Inu token (SHIB) has witnessed remarkable on-chain dynamics, marked by an unprecedented surge in large transactions. Blockchain analytics platform IntoTheBlock has revealed a notable spike in transactions valued at $100,000 or more.
Over the past 24 hours, whale transactions involving SHIB have experienced explosive growth, skyrocketing by $33.78 million, a staggering surge of 420%. This sudden uptick has led to a jaw-dropping 4.11 trillion SHIB tokens being exchanged, catapulting the total daily transactions to an extraordinary 5.44 trillion.
The primary catalyst behind this astounding jump on-chain was the transfer of a whopping 4.4 trillion tokens from one anonymous wallet to another, amounting to $35.82 million in SHIB value.
As reported by U.Today, this transaction took place on a newly created wallet, with only two transfers occurring approximately 12 hours ago.
This flurry of massive transactions of the Shiba Inu token coincided with a sharp increase in SHIB’s price. Currently trading at 0.00000815, SHIB’s price hints at an imminent breakout after consolidating over the past 10 days. This marks the highest token price since the end of August when the Shibarium project was launched, underscoring the significance of this recent surge.
As the SHIB community watches in awe, the token continues to make waves, leaving traders and enthusiasts eagerly anticipating what the future holds for this popular digital asset.