The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive increase in on-chain activity over the past 24 hours as some of the token’s largest holders, or whales, have moved significant amounts of SHIB to various destinations.
Explosive growth in large transactions
According to facts from blockchain analytics platform IntoTheBlock, the volume of large transactions involving SHIB, worth $100,000 or more, has increased by a staggering 1,173.58% in the past 24 hours. The volume of these large transactions has increased from SHIB 408.72 billion on January 18 to SHIB 5.15 trillion on January 19.
Monetary value of millions of dollars
The monetary value of these large transactions is $47.64 million. An increase in the volume of large trades usually indicates heavy activity among whales, whether they are buying or selling.
The volume of transactions recorded on-chain in the past 24 hours reached 6.48 trillion SHIB, a notable increase from 1.61 trillion SHIB on January 18 to 6.48 trillion SHIB on January 19.
The Shiba Inu price staged a rebound after Friday’s drastic drop to lows of $0.00000878. Gains were sustained into early Saturday trading, rising 2.31% in the past 24 hours to $0.00000947.
Bullish Outlook for Shiba Inu
Shiba Inu bulls continue to persevere in their attempts to wipe a zero off the SHIB price. Although their efforts so far have not yielded the desired results, they appear to be getting closer to their goal.
Shiba Inu Layer 2, Shibarium, is approaching the major milestone of 300 million total transactions. According to the Shibarium scan explorer, the total number of transactions now stands at 296,739,458. The number of wallet addresses now stands at 1,342,391, while the total number of blocks stands at 2,739,095.
2024-01-20 15:54:32
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