While the meme coin frenzy continues in the cryptocurrency world, everyone naturally turns their attention to the top coins in the market. In this context, Dogecoin still maintains its top position, while Shiba Inu continues to follow with its significant leaps. So, what is the latest situation with Shiba Inu?
Current Status of Shiba Coin
When it comes to dog-themed cryptocurrencies, Shiba Inu (SHIB), along with Dogecoin, has experienced a significant increase in on-chain activity in the last 24 hours. This activity was caused by the movement of a substantial amount of SHIB by entities known as whales.
According to data provided by the famous cryptocurrency analysis platform IntoTheBlock, there was a massive increase of 1,173.58% in the 24-hour volume of transactions valued at $100,000 or more for SHIB, which is of greater importance in stagnant market conditions and excites investors.
While the volume of transactions on January 18 was only 408.72 billion SHIB, it increased to 5.15 trillion SHIB on January 19, with an increase of 4.74 trillion SHIB. The financial equivalent of these massive transactions is calculated to be $47.64 million.
Such significant increases in transaction volumes are typically interpreted in a standard way. Whether it indicates buying or selling, this situation is interpreted as a sign of significant activity among whales.
How Much is SHIB in Dollars?
In the last 24 hours, the amount of SHIB moved in transactions reached 6.48 trillion SHIB, showing a noticeable increase from the 1.61 trillion SHIB on January 18 to 6.48 trillion SHIB on January 19. The increase in on-chain activity also affected the price of the meme coin in the last 24 hours.
SHIB experienced a 5% increase in value over a 24-hour period, and the price recovery coincided with the period when these activities took place.
There was also a decline in SHIB’s price movement in recent days. Following a sharp drop in the market on Friday, the meme coin’s price fell to $0.00000878. However, gains gradually increased from Saturday, and SHIB began trading at $0.00000944, up 2.31% in the last 24 hours.
On the other hand, Shiba Inu’s Layer 2, known as Shibarium, is progressing towards a new milestone of 300 million total transactions. According to data provided by the Shibariumscan explorer, total transactions were at 296,739,458 at the time of writing. The total number of wallets was 1,342,391, while the total number of blocks reached 2,739,095.
