According to statistics published by on-chain data aggregator Arkham Intelligence, unknown holders have moved large amounts of Shiba Inu canine-themed coins in the last several hours.
Arkham discovered that about 20 billion SHIB had been set moving. This corresponded with Shibarium achieving a new peak in daily transfers and many price movements for SHIB.
Whales shift 19.8 billion SHIB
Arkham Intelligence has identified numerous huge transactions involving large sums of Shiba Inu. Among them, 1.5 billion SHIB were placed with the KuCoin exchange, while one billion SHIB went to OKx. Whales sent billions of SHIB as they moved their wealth from one cryptocurrency exchange to another, including Binance to BTCTurk and Binance to Gate.io.
The Binance and Bybit exchanges internally shifted around 10 billion SHIB from the aforementioned 20 billion.
Shiba Inu market performance
Shiba Inu, the top meme cryptocurrency and the second largest by market capitalization value, has been attempting to break through the $0.000009 threshold for the previous two weeks. It reached this level on Monday and Tuesday of this week, but the SHIB price then bounced back and declined.
SHIB fell by more than 3% today, reaching a local low of $0.00000946. Over the last 24 hours, the drop has been 4.70%.
Since Friday, the price drop has totaled 5.44% after SHIB managed to burn a zero three times last week and hit the $0.00001 barrier before sliding back below it each time after the much-anticipated price increase.
Shibarium transfers increase
Meanwhile, the Shibarium network is creating the circumstances for a price boom – the layer-2 blockchain has experienced a record increase in daily transaction volume – today, the transfer count reached four million, reaching 4.21 million transactions.
This measure has increased by 1.21 million transactions in the last 24 hours, according to an earlier U.Today report. Overall, the number of daily transfers has been rapidly increasing recently, from 526,000 on February 9 to 1.07 million on February 16 and 4.21 million today. Within the previous 24 hours, the aggregate transaction count has climbed by more than four million, totaling 364,480,402.
