According to blockchain analytics company IntoTheBlock, there has been an extraordinary spike in on-chain activity for the Shiba Inu cryptocurrency, SHIB. This is a noteworthy development in the market.
The astounding 454.38% spike in major SHIB transactions valued at $100,000 or more in only one day is the most notable aspect of this surge. This increase resulted in a startling increase of $35.97 million in major SHIB transactions, which represent almost 4.51 trillion SHIB tokens.
As a result, SHIB’s total daily transaction volume hit an incredible $5.78 trillion, or $46.12 million.
SHIB price hits roadblock
Nevertheless, the Shiba Inu token’s pricing dynamics encountered difficulties amidst this spike in on-chain activity. Although SHIB had a noteworthy increase of 12.5% last week, this week’s start was less spectacular. Attempts to breach the $0.000008 significant price range were unsuccessful.
It is possible to argue that the present price chart shows accumulation following a significant price increase and suggests that this decline may only be brief.
The price fluctuation of the SHIB token closely reflects the overall cryptocurrency market, making the token’s future destiny unpredictable. The monthly candle closes today, and a bullish close might point to a stabilising trend for SHIB.
The latest on-chain spike indicates increased interest and engagement within the SHIB community, even though the token is still struggling to remove another zero from its price. It remains to be seen if the recent surge in on-chain activity will result in a steady increase in the token’s value.
