Shiba Inu (SHIB) has seen an astounding 1,100% spike in transactions involving enormous amounts of the token during an unparalleled whale activity surge. Whale transactions involving SHIB have surged over the last 24 hours, reaching an astounding $84.86 million, according to data from IntoTheBlock.
10.36 trillion SHIB tokens changed hands in this brief period of time over 57 transactions, each worth more than $100,000. This increase is a sharp contrast to the data from the day before, when there were just 12 transactions involving sizable amounts of SHIB and the overall token volume was under $1 trillion.
The fact that this spike occurred in the midst of rather calm price activity for the Shiba Inu token adds to its intrigue. There is remarkable resilience even if overall market circumstances have caused SHIB’s value to tumble by about 5% over the past day, with prices falling below $0.000009 per token. Interestingly, SHIB’s price did not retest the local minimum established by the previous Friday’s decline to $0.00000879 throughout this autumn.
Is bottom in for Shiba Inu here?
On-chain statistics from that day showed a high amount of whale activity, with huge transactions involving the exchange of 5.15 trillion SHIB tokens. In the past day and a half, this volume has almost doubled. Now, the issue is whether whales have doubled down on their token purchases in this zone because the present SHIB price levels appear to have reached the bottom.
The Shiba Inu community is left wondering: has SHIB finally hit its bottom, and are the whales signalling a bullish reversal? while the market speculatively considers the ramifications of this spike in activity.
