- IntoTheBlock data shows substantial SHIB transactions soared from 544.71 billion to 2.82 trillion tokens.
- Shiba Inu experienced a liquidity influx in the past 24 hours that led to a 514% surge in on-chain activities.
- The temporary surge in whale activities has reignited the SHIB community’s awareness of the project’s potential.
Shiba Inu experienced a significant liquidity influx in the past 24 hours that led to a staggering 514% surge in on-chain activities, according to reports. Data from the market intelligence platform IntoTheBlock shows that substantial SHIB transactions soared from 544.71 billion to 2.82 trillion tokens. That translates to a remarkable surge in USD value from $4.88 million to $25.05 million.
It is essential to note that the analysis by IntoTheBlock covered only transactions exceeding $100,000. Hence, the report shows 33 transactions in that category over the past 24 hours.
SHIB’s large transaction volume in the past month: (Source: IntoTheBlock)
The identified surge in whale activity comes amid a prolonged period of insignificant activity among SHIB whales. Notable SHIB transactions disappeared from the project’s ecosystem in January, when the price of SHIB started to decline. Even the recently identified surge seems to be a temporary move, considering it did not continue and had minimal impact on the price of SHIB.
Despite the temporary nature of the recent surge in SHIB whale activity, it has reignited awareness among SHIB community members. The development suggests a potential return of significant players to the Shiba Inu network. According to observers, SHIB has been in an accumulation phase for the past two weeks, potentially preparing for the resurgence of prominent investors.
SHIB has tested the $0.00000878 support multiple times in the past two weeks and traded for $0.00000893 at the time of writing. The prevailing sideways trend suggests a diminishing momentum in the downward trend that started towards the end of last year. A resurgence in whale activity could trigger a resumption of the meme coin’s upward movement, with a potential retest of the December high of $0.00001194.
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