Despite a 5% price decline, 10.36 trillion SHIB tokens exchanged hands in 57 transactions, each exceeding $100,000.
There has been an extraordinary 1,100% surge in transactions involving substantial quantities of the token (SHIB) due to an unprecedented rise in whale activity.
According to data obtained from IntoTheBlock, whale transactions involving SHIB have experienced a phenomenal surge of $84.86 million in the last twenty-four hours.
A remarkable sum of 10.36 trillion SHIB tokens was exchanged during this brief period via 57 transactions, with each transaction surpassing $100,000.
This surge stood in striking contrast to the previous day’s figures, when the total token volume did not exceed one trillion and only twelve transactions involving substantial quantities of SHIB occurred.
This surge is further complicated by the fact that it happened during a period of relatively stagnant price movement for the Shiba Inu token. There is significant resilience despite market conditions causing a nearly 5% decline in the value of SHIB over the past twenty-four hours, with prices falling below $0.000009 per token.
Is Bottom in this Case for SHIB Token?
Significantly, the price of SHIB token did not re-enter the local minimum established by the decline to $0.00000879 the previous Friday during the fall season.
Significant whale activity was detected on-chain that day, with 5.15 trillion SHIB tokens being exchanged in large transactions. In the preceding twenty-four hours, this volume has nearly doubled.
Currently, it is uncertain whether the present SHIB token price levels signify the bottom, which would encourage traders to increase their token purchases in this region.
As the market contemplates the ramifications of this upsurge in activity, the Shiba Inu community is left with the following questions: Has SHIB reached its lowest point, and are the whales indicating a reversal in bullish sentiment?
