Shiba Inu (SHIB), the second-largest memecoin, is experiencing an extraordinary surge in on-chain metrics, with data indicating an unprecedented increase in whale transactions. The number of large transactions involving SHIB, each valued at over $100,000, has risen dramatically in the last 24 hours, showing a staggering increase of 1,314%.
This increase in whale transactions, which corresponds to a notable rise of $64 million in just one day, represents a massive growth from the $4 million recorded just the day before. The primary catalyst behind this significant surge is the transfer of 4.23 trillion SHIB, worth $44.46 million, from an anonymous wallet address to the trading platform Bitvavo.
The massive transaction, which occurred about 19 hours before from a recently created wallet address, has contributed significantly to the already captivating story of Shiba Inu. Alongside these positive on-chain developments, Shiba Inu’s SHIB appears to be on an uptrend, trading at $0.00001082 with a 3.50% increase over the past 24 hours at the time of writing.
The current price level is particularly critical as it may indicate a potential breakout, signaling the highest token price range for Shiba Inu since the launch of its layer 2 network, Shibarium, in late August 2023. Both the whale activity and the price trend point to a challenging and potentially transformative phase for SHIB.
As SHIB enthusiasts follow these developments with excitement and high expectations, traders and investors continue to ponder the implications for this popular digital asset and its future trajectory.
