Last updated on May 18th, 2024 at 11:51 am
Trending memecoin Shiba Inu has recorded an impressive surge in its whale activity by over 500%, drawing the attention of investors and the general crypto market.
The popular altcoin has been in the news for the right reasons lately whether talking about its burn rate or the progress of its dedicated blockchain solution, Shibarium.
Shiba Inu records impressive statistics
In an impressive turn of events, Shiba Inu’s large transaction activities have spiked by a staggering 540% according to data from IntoTheBlock. Per the data, since the week began, the number of significant SHIB transactions has increased dramatically; in just two days, the token count has gone from 1.24 trillion to an astounding 6.68 trillion.
Source: IntoTheBlock
Notably, this phenomenal surge is translated into an even more astounding rise in USD, rising from $11.93 million to an impressive $70.45 million, indicating a noteworthy 590% increase.
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With 297 transactions recorded during the time under examination, 175 of which took place within the last day, the spike in major transaction volume, which includes transactions of at least $100,000, highlights a noteworthy upsurge in investor activity.
One significant feature of this increase is the difference in dollar terms and volume terms, where the latter have increased more sharply. This phenomenon can be explained by the extraordinary rise in SHIB’s price, which increased by more than 20% throughout the evaluation period.
Memecoins take centre stage
Meanwhile, Shiba Inu is not the only memecoin to exhibit impressive growth these past days. Other memecoins like PEPE, Dogecoin, and BONK have also recorded significant spikes in whale activities as well as in prices.
Per the aforementioned source, PEPE has witnessed a staggering 95% surge, Dogecoin activity has grown by over 11%, and BONK has surged by 16%. This simultaneous growth underscores the hype surrounding the memecoin market and the level of investor involvement.
According to Coinstats data, Shiba Inu (SHIB) is currently trading at $0.000011 representing a 7% increase in the last 24 hours. In addition, SHIB has a 24-hour trading volume of $1,230,936,540 ($1.2 billion) and a live market cap of $6,632,780,545 ($6.6 billion).
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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.