The Shiba Inu cryptocurrency, SHIB, has experienced an unusually high amount of significant transactions for the second day in a row. Thus, based on information from IntoTheBlock, the total amount of transactions yesterday that were at least $100,000 in size came to little under $40 million over the course of the previous 24 hours. It was considerably higher at $42.36 million the day before.
These figures generate 5.56 trillion and 5.96 trillion Shiba Inu tokens, respectively, when converted to Shiba Inu tokens. It’s a lot, that.
It is really known what the primary cause of this very high activity was. Shiba Inu tokens were transferred in two huge transactions at the start of the week.
At the time, more over 4.57 trillion SHIB were transferred between unidentified wallets, according to a report from U.Today that cited Whale Alert. Each transfer was at least $31.4 million in value. If a half million dollars in SHIBs counts as a lesser transfer, there were other transfers as well.
Bigger picture
These transfers, however, only make up a small part of the story as it develops. The unexpected Bitcoin (BTC) pump that shook the cryptocurrency market like an earthquake is most likely to blame for the real cause of this rise.
This spike in Bitcoin value has ripple effects across the whole cryptocurrency market, encouraging crypto whales to engage in more trading, and fueling record-breaking transaction volumes, particularly within the Shiba Inu ecosystem.
