The second-largest memecoin Shiba Inu’s (SHIB) on-chain metrics are facing a surprisingly extraordinary increase. Data points to an unprecedented rise in whale transactions.
Major Surge in Shiba Inu’s On-Chain Data
According to the on-chain analysis platform IntoTheBlock, the number of large transactions involving SHIB, valued at $100,000 or more, has rapidly increased, reaching a surprising growth rate of 1314% in the last 24 hours. The increase in whale transactions corresponds to a significant increase of $64 million in just one day. This represents a massive growth of $4 million compared to just a day earlier.
The main catalyst behind this remarkable increase in whale transactions was the transfer of 4.23 trillion SHIB, worth $44.46 million, from an anonymous wallet address to the trading platform Bitvavo. This massive transaction was carried out approximately 19 hours ago from a wallet address that was created recently and has already made a significant contribution to the captivating story of Shiba Inu.
Current Price Situation of SHIB
Alongside the positive developments on the on-chain side, Shiba Inu’s SHIB appears to be in an upward trend. The popular altcoin was trading at $0.00001082, up 3.50% in the last 24 hours at the time this article was prepared.
The current price level is also notably critical as it potentially indicates a breakout to the highest token price range since the launch of Shiba Inu’s layer 2 network Shibarium at the end of August 2023. Both the whale activity and the significant trend in price point to a challenging and potentially transformative phase for SHIB.
While SHIB enthusiasts follow all these developments with excitement and high expectations, traders and investors continue to ponder the effects on this popular digital asset and its future trajectory.
