Shiba Inu’s SHIB token experienced an astonishing 300% increase in the volume of large transactions over the past 24 hours, reaching levels not seen since May. Data from IntoTheBlock revealed that the volume of large transactions with SHIB skyrocketed to 20.2 trillion, indicating an unprecedented surge, with the total value reaching $178.38 million, the highest in eight months.
The spike in large transaction volume (transactions over $100,000) has led to speculation about the potential reasons behind this abnormal activity increase and its possible impact on SHIB’s price. According to Etherscan, an Ethereum Blockchain explorer, the surge seems to be related to a series of transactions involving unknown wallet addresses.
One notable example includes a withdrawal of 4.27 trillion SHIB worth $38.18 million from a wallet starting with 0xE50…, while another wallet starting with 0x23B… saw one of the largest inflows of 2.27 trillion SHIB valued at $20.28 million.
This extraordinary rise in large transactions involving Shiba Inu’s SHIB raises questions about the intentions and motivations behind these significant moves. The impact of this unexpected on-chain activity on SHIB’s price remains uncertain.
Following the surge in on-chain activity, investors and traders are closely monitoring SHIB. Despite the increase in large transaction volume, current data shows SHIB’s price continuing to decline by 0.91% over the last 24 hours, trading at $0.000008884, with its transaction volume down by 28.90% to $88.24 million.
