• 24 June, 2024
Market News

Shiba Inu (SHIB) Transactions Surge by 1314% with $64M Whale Activity in 24 Hours

The Shiba Inu token (SHIB) has undergone an astonishing on-chain surge in whale transactions valued at $100,000 or more. Within the last 24 hours, this surge hit a spike of 1,314%. On-chain analysis shows a total $64 million increase from $4 million just a day prior, as reported by blockchain analytics platform IntoTheBlock.

One of the reasons for this surge involves a massive whale transaction of 4.23 trillion SHIB tokens, equivalent to $44.46 million, from an anonymous wallet to an unknown wallet. Adding an intriguing layer to the narrative, this substantial transaction occurred from a recently created wallet, intensifying the mystery surrounding the event.

Simultaneously, the Shiba Inu token has experienced a surge in price, currently trading at 0.00001071. This marks a potential breakout, reaching the highest token price range since the conclusion of the Shibarium project launch in August. The synchronicity of increased whale activity and rising token price hints at a transformative phase for SHIB, capturing the attention of both enthusiasts and traders.

As the SHIB community watches these developments with excitement and anticipation, questions arise about the implications and future trajectory of this popular digital asset. Amid this whirlwind on-chain activity, where 5.52 trillion SHIB tokens exchange hands, Shiba Inu maintains its distinctive presence on the crypto market. 

An on-chain data analysis platform called Lookonchain recently shared a Twitter post that shed light on the significant Shiba Inu transactions. The analysis concluded that Justin Sun, the founder of Tron, and a group of influential investors, also known as “whales,” have played a significant role in the recent Shiba Inu rally. These individuals, along with new investors, have been actively accumulating SHIB tokens in recent weeks, causing a noticeable increase in their market price.

In addition to these individual actions, there has been a noticeable activity from two wallets, “0xfa22” and “0xF17f.” Speculations suggest that these two wallets, which may be operated by the same entity, have collectively accumulated an impressive 850 billion SHIB tokens (worth approximately $7.57 million) from Binance for $0.0000089 over the past month.

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