SHIB Skyrockets 540% In Whale Stat
A recent turn of events saw the Shiba Inu token experience an unprecedented surge, as a pivotal on-chain whale statistic recorded a massive surge of 540%.
Data from IntoTheBlock showed that there had been an exponential increase in the volume of large transactions involving the Shiba Inu token since the start of the week.
This saw it go from about 1.24 trillion SHIB tokens to a whopping 6.68 trillion tokens within a period of two days.
The growth
The astronomical growth was even more remarkable in dollar values, as data showed that it surged from $11.93 million to a massive $70.45 million, which was a remarkable 590% increase.
The large transaction volume refers to transactions that are valued at more than $100,000 and increase in it points to a rise in investor activity.
During the two days, the total number of large SHIB transactions recorded reached 297, 175 of which occurred within 24 hours.
A prominent aspect of this surge is the disparity seen in the volume and dollar terms, with the latter recording a higher escalation.
This phenomenon could be due to the remarkable increase in the price of the Shiba Inu token, which recorded an increase of 200% in this time.
Market trend
However, it is worth noting that the meteoric increase in the price of the second-largest meme token in the market is not an isolated event.
Instead, it is a reflection of a broader trend of rising meme tokens. The entire crypto market is enjoying a boost currently, thanks to the surge in the value of Bitcoin.
In tandem with the exponential growth in SHIB, meme tokens like PEPE recorded a rise of 95%, while an 11.63% rise was recorded in DOGE and a 16% increase in BONK.
The transactions
In 24 hours, the SHIB token saw a staggering 1.7 trillion tokens transferred and the transactions took place across different platforms and entities.
This led to a flurry of interest and speculation in the crypto community. The transaction data showed that they also involved both Coinbase and Binance crypto exchanges.
The timing of the transactions hinted towards a coordination in effort, or a strategic move by one entity or aligned group because some took place within minutes of each other.
The significant amount of tokens involved indicated that it was a high-stakes play on the market because billions of tokens were moved.
After these transactions, there was an increase in volatility recorded in the price of the Shiba Inu token. Currently, the meme token is trading at a very crucial juncture.
The SHIB token has an optimistic trend. If it can sustain its position above moving averages and go beyond the immediate resistance, then it could enter a more definitive uptrend.
In the best case scenario, the latest transaction activity could point towards accumulation by whales, which could set the stage for a big price rally.
