Amidst the meme coin frenzy, Shiba Inu (SHIB) has witnessed significant on-chain activity, primarily driven by large holders, known as “whales,” moving substantial amounts of SHIB. This has led to a remarkable increase in transaction volume involving amounts over $100,000, signaling investor excitement and potential market movement.
According to data from IntoTheBlock, there was a staggering 1,173.58% increase in the 24-hour transaction volume for SHIB, with the volume jumping from 408.72 billion SHIB on January 18 to 5.15 trillion SHIB on January 19, amounting to a financial value of $47.64 million. Such large volumes suggest significant whale activity, whether it indicates buying or selling.
The amount of SHIB moved in transactions reached 6.48 trillion within the last 24 hours, showing a noticeable rise from 1.61 trillion SHIB on January 18 to 6.48 trillion SHIB on January 19. This increase in on-chain activity has also impacted the meme coin’s price.
SHIB’s price experienced a 5% increase in value over a 24-hour period, coinciding with the spike in transaction activity. Following a market downturn on Friday, SHIB’s price began to recover, rising by 2.31% in the last 24 hours to trade at $0.00000944.
Furthermore, Shiba Inu’s Layer 2 solution, Shibarium, is nearing 300 million total transactions, with current data showing 296,739,458 transactions, 1,342,391 total wallets, and 2,739,095 total blocks, indicating the network’s growing usage and development.