7 November 2023
Recent data has revealed that Shiba Inu has experienced a significant surge in whale transactions following a recent whale transaction of a whopping 4.43 trillion SHIB tokens. This has since caused quite a stir in the cryptocurrency space.
Shiba Inu Experiences Surge In Whale Activity
According to data, Shiba Inu has been exhibiting astounding whale transactions over the past 24 hours amid the latest actions taken by the SHIB community to increase token support.
Currently, the total inflows of SHIB tokens held by major holders are at an impressive 7.84 trillion SHIB. This indicates a significant 48.48% increase in inflows from these major holders over the past 24 hours.
What makes this surge so impressive is the fact that the numbers were 410.21 billion SHIB tokens. The recent numbers present a spectacular 1,911.2% increase in SHIB held by the major holders.
The Shiba Inu’s surge in whale activity came just after a recent whale activity from an unknown wallet involving approximately 4.43 trillion SHIB tokens.
According to data from Whale Alert, the unknown wallet 0x8d14cc60…6e5c7e24dc, transferred the 4.43 trillion SHIB tokens, currently valued at approximately $35.82 million, to another unknown wallet, 0x3ba943c7…225e6dabee.
The alleged transaction is said to have occurred in a freshly created wallet, with just two transactions being carried out in the wallet in 12 hours.
In addition, the Amsterdam-based cryptocurrency exchange Bitvavo, a centralized crypto exchange, also sent trillions of SHIB tokens to the same alleged wallet.
Whales’ large SHIB hoarding is increasing at the same time as the token’s remarkable price movement. The price of SHIB spiked sharply in tandem with this wave of large-scale Shiba Inu token transactions.
SHIB price has since experienced a significant 20% surge in recent weeks. Currently, the price of SHIB is sitting at $0.0000082, slowly gaining momentum at a critical point of $0.0000084, marking the highest price level the token has seen since August.
If the token can surpass this critical point, it might pick up speed and eventually reach $0.00001 and beyond. This is because the last time this happened was back in July; according to historical data, the price of SHIB experienced a significant 37% surge after this happened.
So far, crypto experts are particularly curious about the recent wave of large transactions involving SHIB tokens. These wallet-to-wallet transfers ignite optimistic sentiment in the colossal crypto market.
Shibarium Sparks Price Growth
The achievements of Shiba Inu layer 2 blockchain Shibarium have always had a positive impact on the price of SHIB. The blockchain milestones have caused quite a hype in the Shiba Inu ecosystem, which could bolster SHIB’s growth past its current price of $0.0000082.
The adoption rate of Shibarium will only increase as more SHIB holders become familiar with its advantages. These include reduced costs and quicker transaction times.
Concurrently, several events have suggested that SHIB’s price will continue to rise, such as the recently launched Shib Name Service (SNS) and Shibdentity.