According to blockchain analytics platform IntoTheBlock, there has been a notable spike in the value of the Shiba Inu token (SHIB) on the blockchain, which is an unexpected event.
Big transactions—those for $100,000 or more—have increased by an astounding 3,257% in the past 24 hours.
Whale deals with SHIB have increased from $1.11 million to an astounding $36.16 million, a $35.05 million increase. Four trillion SHIB tokens were exchanged as a result of this spike, which was eerily identical to an earlier on-chain rush that was recorded on November 22 and resulted in whale transactions worth $51.71 million.
Concurrently, there has been a notable 9.3% spike in the price of SHIB. SHIB is presently priced at $0.0000092 after stabilising within a crucial price range, with the upper barrier at $0.0000084. The coin has to expand by 8.69% to cross the $0.00001 threshold, which is somewhat less than it did the day before.
The larger cryptocurrency market is seeing favourable conditions, which are contributing to the spike in transactions and price. SHIB’s price chart is being attentively examined by the market as it attempts to reach the noteworthy milestone of removing a zero from its price.
As SHIB negotiates these pivotal pricing points and offers the Shiba Inu community a compelling story amid market volatility, the excitement is evident.
