Last updated on May 18th, 2024 at 11:52 am
Large transactions involving Shiba Inu token have remarkably surged by 300% sparking interest and speculations about the reason behind this movement.
In a surprising development, SHIB’s large transaction volume has skyrocketed by 300% in the last 24 hours according to recent data from IntoTheBlock. As a result, the transaction volume has reached a new high since May 2023.
Per the data, a staggering amount of transactions involving the trending meme coin has spiked to a surprising 20.2 trillion signifying an unexpected surge.
The volume of these significant transactions surged to an astounding $178.38 million, the highest level in the mentioned time frame. Remarkably, only transactions above $100,000 were included in this metric, and there have been only 57 transactions in the past 8 months.
Advertisement
Reasons behind the surge
Consequently, the Shiba Inu large transaction volume surge has left the crypto community in speculations about the reason behind it and the potential impact it might have on the price of the token.
According to data from Etherscan – a blockchain explorer and analytics platform, the transactions appear to be linked to some anonymous wallets. Per the data, the mysterious spike in transaction volume is connected to several transactions involving these unknown wallets.
Source: IntoTheBlock
Notably, one of the wallets labeled “0xE50” withdrew a staggering 4.27 trillion SHIB (worth $38.18 million). Also, another wallet with the address “0x23B7” had a deposit of 2.27 trillion SHIB tokens (equivalent to $20.28 million).
Source: Etherscan
The resulting surge in large transaction volume has raised eyebrows among the investors and the community at large. Even though the wallets involved have been recognized, the intentions and motivations behind these transactions remain unknown.
Also, the impact on the price of SHIB is yet to be seen leaving traders and investors with their thoughts as they try to monitor the situation.
Shiba Inu (SHIB) price today
When events like these occur, investors are quick to check on the price of the involved asset to observe patterns and potential impacts. Shiba Inu’s price appears to be unaffected yet by these transactions.
Data from Coinstats show that Shiba Inu is currently trading at $0.0000088, representing a 1.27% decrease in the last 24 hours. Additionally, SHIB has a 24-hour trading volume of $95,358,632 ($95 million) with a live market cap of $5,210,050,646 ($5.2 billion).
>>Free Tool: Use our simple crypto profit calculator to calculate your potential profits and returns on your cryptocurrency investments.<<<
Read also:
- Glassnode Co-founder Predicts Bitcoin Rally to $42000 if This Happens
- Binance Coin (BNB) Price Analysis 01/24: How Long Will the Drop Last?
- Shiba Inu Leads Meme Coin Recovery as its Price Spikes 5%
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.