The Shiba Inu token (SHIB) has experienced an incredible on-chain spike in an astonishing turn of events, with a 363% rise in major transactions valued at $100,000 or more in only the last day. The revolutionary discovery was made possible by the blockchain analytics tool IntoTheBlock.
SHIB whale sales have reached unprecedented levels, rising from $32.06 million to an incredible $116.44 million.
This whale activity spike, the largest since August of last year, led to the exchange of an astounding 11.98 trillion SHIB coins.
In the context of this on-chain phenomena, the price of the SHIB token increased by 15%, and it remained in a favourable trend for the first six days of December.
No hidden catch
But similar volatility occurred in a single day of trading yesterday, which resulted in a quick sell-off that left a noticeable lengthy wick on the price chart of the Shiba Inu coin.
Contrary to popular belief, there is good news to come from the index’s dramatic move. A noteworthy net inflow of 3.873 trillion SHIB to the wallets of the largest holders was discovered through analysis of the Large Holders Netflow statistic.
This inflow adds a level of intricacy to the story by casting doubt on the notion that whales were the cause of the sell-off.
The bitcoin market is a flurry of conjecture and interest as the Shiba Inu token breaks multimonth records for both on-chain activity and price movement.
