In a notably positive development for the health of the meme cryptocurrency Shiba Inu (SHIB), there has been a remarkable surge of over 450% in its high-volume transactions. Furthermore, this surge has led to a total of 4.5 trillion SHIB tokens actively changing hands. Surprisingly, the price has not yet reacted to this significant increase in on-chain activity.
To be specific, Shiba Inu tokens have seen a 454.38% rise in substantial transactions, as reported by IntoTheBlock. These transactions refer to SHIB transfers with a value exceeding the $100,000 mark. Furthermore, this surge has occurred within the past 24 hours.
4.5 Trillion SHIB Tokens Active in Shiba Inu as Large Transactions Surge
The digital asset sector has experienced a volatile year in terms of its price performance. However, there are signs of a turnaround, as Bitcoin surges above the $34,000 mark. This has led to optimism about the industry’s future, especially with the potential approval of a Bitcoin ETF in the coming months.
On the flip side, one of the most enthusiastic communities within the industry has high hopes for how their asset might fare in the face of broader industry changes. Consequently, Shiba Inu has observed a significant surge in transactions in the past 24 hours, exceeding 450%, resulting in 4.5 trillion SHIB tokens currently being transferred. Notably, a substantial transaction involved the exchange of $36,192,482 worth of SHIB tokens from unidentified wallets in two separate transactions. In the first transaction, 24.50 billion SHIB tokens were moved, equivalent to around $194,775. Subsequently, a transaction of 4.49 trillion SHIB tokens took place, with a value exceeding $35 million. Nevertheless, this development has yet to positively influence the overall asset’s price.
While SHIB experienced a 12.5% increase last week, it has struggled to replicate that performance this week, especially in breaking through the $0.000008 threshold. Nonetheless, there is a perspective that the current underperformance might be temporary. Although removing an additional zero from the price seems challenging, the sustained interest indicated by the growing transaction numbers suggests that there’s potential for upward momentum. Ultimately, the asset’s future performance will depend on ongoing activity and community participation.