The Shiba Inu (SHIB) coin has seen a significant 243% spike in big transactions, according to statistics from IntoTheBlock. Within the previous 24 hours, SHIB’s volume increased from 1.02 trillion to 2.48 trillion, indicating a huge increase in participation by key stakeholders in the cryptocurrency market. This spike results in a significant gain in monetary terms, ranging from $9.97 million to $24.25 million.
The increase in big transactions suggests a rising interest in SHIB among institutional investors or high-net-worth individuals, as indicated by an increase in transactions above $100,000. 44 such transactions were documented in the last day, a significant rise over the previous period.
New Shiba Inu whale
Further investigation of on-chain data indicates a major source to this surge: a single whale with the address “0x329.” This firm completed a significant transaction, introducing roughly 390 billion SHIB tokens worth $3.8 million onto the market.
This sale not only considerably increased the whale’s Shiba Inu holdings, but it also established SHIB as their largest asset in their portfolio, which now has a total worth of $23.66 million.
While the consequences of increased whale activity for SHIB’s future trajectory are unclear, it highlights the changing dynamics of the cryptocurrency market. Some analysts believe that this increase may signal further updates to the SHIB price chart, while others remain wary given the steady upswing shown over the last two weeks.
As SHIB gains traction, market players are intently monitoring how these large-scale transactions may affect pricing dynamics and overall market sentiment.
