u.today
Shiba Inu ($SHIB) has witnessed a significant surge in on-chain activity, with large transactions increasing by 50%, according to data from IntoTheBlock. Over the last 24 hours, the volume of such transactions rose from 4.79 trillion to 7.23 trillion, reflecting heightened engagement from major players on the $SHIB market.
This surge represents a substantial increase in money terms, climbing from $141.7 million to $219.23 million.
The uptick in large transactions suggests growing interest in the Shiba Inu token among high-net-worth individuals, evidenced by the rise in transactions exceeding $100,000. In the past day, 539 such transactions were recorded, marking a notable increase compared to the previous day's figure of 418.
One notable transaction drew attention when two trillion $SHIB, valued at over $62 million, was moved to an unknown wallet amid regulatory issues at KuCoin, a major exchange. However, further analysis revealed that the recipient address was a hot wallet associated with the exchange itself.
No resistance for Shiba Inu
This surge in whale activity coincided with $SHIB's price breaking through a key resistance level around $0.00003 per token. Following days of testing, the price surged to $0.000045 per $SHIB. Currently, the price chart indicates a retest of the $0.00003 level, which, if maintained, could serve as a support level for $SHIB's price.
With whale activity surging and the $SHIB price turning decisively bullish, all eyes remain firmly fixed on Shiba Inu's next moves in the crypto arena.