Trades Above $100k on Shiba Inu Jump by Record 300% in 24 Hours

• Data indicates SHIB is still a favorite investing tool for crypto whales.
• Transactions of $100k above with Shiba Inu went up 300% in the last 24 hours.
• A notable Shiba Inu whale bought 2.8 trillion SHIB tokens in just one transaction. 

According to data from on-chain analytics firm, IntoTheBlock, large-scale transactions on one of the most popular meme token, Shiba Inu (SHIB), has seen a sudden 300% rise in the last 24 hours. 

IntoTheBlock classifies transactions above the $100k price point as ‘large transactions,’ which often reveal the activities of crypto whales. Whales accumulate coins at discounts during market falls or periods of consolidation. 

Notably, the meme token has been in bad shape in the last seven days considering data from the market tracking website, CoinMarketCap. Although crypto traders bought and sold SHIB worth over $150 million over the previous 24 hours, its price is 8% below what was obtainable seven days ago.

Despite the recent dips, the average SHIB balance of the top 100 Shiba Inu holders recorded by crypto data tracker WhaleStats is modestly higher in the previous 24 hours.

Interestingly, Coin Edition recently reported that a notable Shiba Inu whale bought a whopping 2.8 trillion SHIB tokens in just one transaction. According to the Etherscan transaction, the total price was $26.12 billion based on the SHIB value at the time of the exchange. 

Further blockchain data shows that Shiba Inu’s on-chain state declined drastically due to its exchange inflow, which initially experienced a 223 billion gain on December 8 and then plummeted to 25 billion on December 10.

In related news, the global crypto market lost over $16 billion in 24 hours. However, the price of Bitcoin (BTC) has remained relatively stable at $17k, with barely a 1% fall in 24 hours.