Shiba Inu (SHIB) Whale Transactions Up 450% as Activity Surges

The Shiba Inu (SHIB) ecosystem has gotten a massive boost in technical data today as its whale transactions have increased more than 450%. Moreover, the network has also seen a notable increase in activity. Specifically, daily activity has surged more than 25% in the last 24 hours.

According to data from IntoTheBlock, large transactions over the last day have increased 454.16%. Subsequently, that figure has eclipsed the $112 million mark, with 34 transactions worth more than $100,000 taking place in that period. Conversely, bulls are working diligently to eliminate a zero and regain the $0.00001 mark.

Shiba Inu
Source – Token Metrics

Also Read: You Can Become a Shiba Inu Millionaire, But This Needs To Happen

Shiba Inu Sees Big Activity Boom Along With Large Transaction Boost

Throughout the digital asset sector, meme coins have increasingly become some of the industry’s most popular. Indeed, the market has sought ways to increase utility and decrease volatility. Amid those efforts, Shiba Inu has emerged as one of the most sought-after for investors.

Although the price has not experienced a notable increase throughout the year, that could be set to change. Specifically, Shiba Inu (SHIB) has seen its whale transactions increase by more than 450%. These large transactions are any transfers that are worth more than $100,000. Over the last day, data shows that 34 such transactions took place.

Shiba Inu: 3 Key Factors Could Unlock SHIB's Path to $0.01

Also Read: Shiba Inu: New Whale Emerges With $3 Million SHIB Purchase

The volume increased from 2.18 trillion on Wednesday to more than 11.7 trillion a day later. Moreover, that is the highest such volume in a week. However, that is not the only metric that appears to be in the green for the meme coin. The asset has seen an increase in daily activity of more than 25%.

Yet, the cryptocurrency is trading at $0.0000095, and down more than 1% over the last 24 hours, according to CoinMarketCap. Furthermore, the asset has struggled in its weeks-long effort to delete yet another zero from its price. However, hope remains when overseeing some more in-depth metrics.

Specifically, the holding time of transacted coins has increased over the last week. Specifically, that figure has risen more than 652% in the last seven days. This may denote that many SHIB investors are optimistic about the long-term potential of the digital asset. Subsequently, time may yield the best route to its continued ascension in price throughout the year.

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