The Shiba Inu coin has recently seen an incredible rise in on-chain activity, skyrocketing by an astounding 296% in only the last day. An unexpected surge in large-scale SHIB transactions, as reported by IntoTheBlock, has catapulted the cryptocurrency back into the public eye.
The amount of tokens exchanged in these large-scale transactions has increased dramatically from 1.92 billion to an astounding 5.68 trillion, which has caused the value of USD to rise dramatically from $17.32 million to $52.32 million.
Notably, IntoTheBlock’s study only looks at transactions that are more than $100,000. Of them, 68 were recorded in the last day—a significant increase from the 19 that were seen the day before. This increase suggests a wide range of transactions, perhaps with more investors using Shiba Inu tokens.
Shiba Inu (SHIB) price outlook
Now that major players have returned to the Shiba Inu network, everyone’s attention is focused on the direction that the SHIB price will take. The increase in whale activity in SHIB is accompanied by a significant price increase; in the previous three days, the token’s value has increased by over 6%, hitting its highest level in more than two weeks. SHIB is currently worth $0.0000094 per token.
This raises an interesting question: Is this pricing action a direct result of the increasing whale activity, or is it a cause of it?
Still, Shiba Inu has become a major player in the cryptocurrency space, drawing interest from traders and aficionados who keep a close eye on the dynamics of whale plays and the spike in SHIB quotations.
