Shiba Inu (SHIB) On-Chain Activity Up 514%, Driven By Whales

On Feb 7, 2024

In what is certainly a notable development for the meme coin, Shiba Inu (SHIB) has seen its on-chain activity surge a remarkable 514% over the last 24 hours. Moreover, data from IntoTheBlock shows that the increase was driven by a massive rush of whale transactions.

Specifically, data shows that the volume of these large transactions increased from over 544 billion to nearly 3 trillion SHIB tokens. Subsequently, that stark increase denotes a difference in value from $4.88 million to $25 million. Conversely, in the past days, there have been 33 transactions worth more than $100,000.

Also Read: 1 Cent Dream: Shiba Inu Forecasted To Hit $0.01 After 17 Years

Shiba Inu Whales Lead Massive On-Chain Spike

The modern digital asset market has come to recognize the immense popularity of meme coins. Although the subject of asset is defined by its popularity, that does not diminish both its current reach and striving for increased future utility. Indeed, one of the most popular meme coins has seen a remarkable increase in technical data.

Specifically, Shiba Inu (SHIB) has observed a 514% increase in on-chain activity in the last 24 hours alone. Moreover, that massive increase came due to the overwhelming surge of Wahle activity. Those large holders of SHIB moved trillions of tokens in several transactions that sparked the activity metrics.

Also Read: Shiba Inu (SHIB) Forecasted To Reach $0.01; Here’s When

That increase has come when the ecosystem needed it most, as Shiba Inu had observed a stark fall in network activity for much of the last month. Towards the end of 2024’s first month, large transactions were minimal for nearly a month. That has drastically changed with the current trend.

Now, all eyes are fixed on what this development means for SHIB’s price trajectory. For most of the last two weeks, the asset has been in a noted accumulation phase. According to CoinMarketCap, the asset is currently trading at $0.0000089 and down less than 1% over the last 24 hours.