Shiba Inu‘s SHIB token has seen a staggering 300% increase in the volume of large transactions in the last 24 hours, reaching levels not seen since May. Data from the on-chain data platform IntoTheBlock shows that the volume of large transactions with SHIB has astonishingly risen to 20.2 trillion in the last day, indicating an unprecedented increase. With this surge, the volume of large transactions has climbed to an impressive figure of $178.38 million, marking the highest level in the past eight months.
Approaching a Key Milestone as 240 Trillion SHIB Resistance Is Reached
The aforementioned increase in the volume of large transactions (worth $100,000 and above) involving SHIB has left the cryptocurrency world speculating about the potential reasons behind this abnormal activity increase and its potential impact on SHIB’s price. According to data from the Ethereum Blockchain explorer Etherscan, this increase in large transaction volume appears to be linked to a series of transactions involving unknown wallet addresses. The data reveals that the inflated transaction volume can be attributed to a series of transactions involving mysterious wallet addresses.
As a notable example, a wallet address starting with 0xE50… carried out a significant withdrawal transaction of 4.27 trillion SHIB, equivalent to an astonishing $38.18 million. On the other hand, a wallet address starting with 0x23B… saw the largest entry of 2.27 trillion SHIB, valued at $20.28 million.
The unprecedented increase in large transactions with Shiba Inu’s SHIB has raised several questions about the intentions and motivations behind the significant transactions detected. The direction of the impact of this unexpected increase in on-chain activity on SHIB’s price remains uncertain.
Current Status of SHIB
Following the increase in on-chain activity, investors and traders have turned their attention to SHIB. Data shows that despite the significant increase in on-chain activity, the altcoin’s price has continued to fall.
Current data indicates that the altcoin’s price has dropped by 0.91% in the last 24 hours, trading at $0.000008884. Moreover, SHIB’s trading volume during the same period has decreased by 28.90%, standing at $88.24 million.
