Unexpectedly, on-chain dynamics for the Shiba Inu cryptocurrency (SHIB) have significantly increased. According to the most recent statistics from blockchain analytics company IntoTheBlock, there has been a startling surge in huge whale transactions utilising SHIB over the previous day, with a 1,300% increase.
Whale transactions—those worth more than $100,000 in SHIB equivalent—saw an extraordinary spike in volume, amounting to an astounding 62 transactions in a brief period of time. The total amount of these whale transactions surged to an incredible 9.38 trillion SHIB, or an astronomical $89.88 million in US dollars.
The same measures saw a sharp decline that brought them to their lowest point in a very long period before this upsurge. However, the recent surge in huge transactions is the biggest since mid-December, showing a sharp rise in whale activity on the Shiba Inu token during the previous twenty-four hours.
What’s next for Shiba Inu token?
Where this spike will take the price of the Shiba Inu token in the near future is the burning question on the minds of SHIB fans. The community is aware of the possible effects of such whale action on the market and is anxiously awaiting the response.
One thing is clear as the SHIB community watches the events play out: the market won’t have to wait long to receive a response to the much anticipated query: what’s next for the Shiba Inu token?
