The meme cryptocurrency Shiba Inu (SHIB) has witnessed an unprecedented 100% surge in whale transactions, involving large amounts of SHIB being moved, coinciding with a period where its price fell by over 5%. This activity has garnered significant attention from the altcoin community.
IntoTheBlock’s on-chain data indicates a spike in large whale transactions within the last 24 hours, with the value of these transactions reaching $84.86 million. In this timeframe, 57 transactions, each exceeding $100,000, moved a total of 10.36 trillion SHIB.
Comparing to the previous day, which saw only 12 transactions involving SHIB and a total token volume of less than one trillion, the recent data highlights a substantial increase in activity.
This surge is particularly noteworthy given Shiba Inu’s relatively stagnant price movement. Despite a market-wide downturn causing a roughly 5.57% drop in SHIB’s price over the last 24 hours, the coin has shown resilience, especially when compared to other altcoins like Solana (SOL) and Avalanche (AVAX) which have experienced declines of around 10%.
On-chain data from the past Friday shows significant whale activity with 5.15 trillion SHIB traded as the price dropped to $0.00000879. The latest 24-hour data reflects almost double that volume, raising questions about whether SHIB has reached its bottom and if the increase in whale activity can counteract the price decline. The crypto market’s unpredictability leaves these questions open, but positive on-chain trends for SHIB could potentially lead to a price increase in the future.
