The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive increase in on-chain activity over the past 24 hours, as some of the token’s largest holders or whales have moved significant amounts of SHIB to different destinations.
The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive increase in on-chain activity over the past 24 hours, as some of the token’s largest holders or whales have moved significant amounts of SHIB to different destinations.
According to data from the blockchain analysis platform In the blockThe volume of large transactions involving SHIB, valued at $100,000 or more, has increased by a staggering 1,173.58% in the last 24 hours.
The volume of these large transactions increased by 4.74 trillion SHIB, from 408.72 billion SHIB on January 18 to 5.15 trillion SHIB on January 19.
The monetary value of these large transactions is 47.64 million dollars. An increase in large trading volumes typically implies a great deal of activity among whales, either buying or selling.
The transaction volume recorded on-chain in the last 24 hours amounted to 6.48 trillion SHIB, a notable increase from 1.61 trillion SHIB on January 18 to 6.48 trillion SHIB on January 19.
The increase in on-chain activity also coincided with a rally in the price of SHIB, which has gained almost 5% in the last 24 hours.
SHIB Price Action
Shiba Inu price recovered after Friday’s drastic drop to lows of $0.00000878. The gains were sustained into the early hours of Saturday, with SHIB rising 2.31% in the last 24 hours to $0.00000947.
Shiba Inu bulls continue to persist in their attempts to erase a zero from the SHIB price. Although their efforts have not yet yielded the desired results, they seem to be getting closer to their goal.
On the upside, Shiba Inu bulls would compete with the daily MA 50 at $0.000010 to achieve their goal of erasing a zero from SHIB price.
Shiba Inu Layer 2, Shibarium, is approaching the big milestone of 300 million total transactions. According to the explorer Shibariumscan, the total transactions now stand at 296,739,458. Wallet addresses are now 1,342,391, while total blocks are 2,739,095.