According to data from Arkham Intelligence, significant amounts of Shiba Inu tokens have been moved by unidentified holders in recent hours.
Arkham Intelligence observed a total movement of nearly 20 billion SHIB tokens. This activity aligned with Shibarium recording a surge in daily transfers and various price fluctuations for SHIB.
Shiba Inu Tokens Experience Heavy Movement Amid Price Struggles
Significant transactions of Shiba Inu tokens have recently captured the attention of Arkham Intelligence, with notable activity observed across various cryptocurrency exchanges. Among these transactions, 1.5 billion SHIB tokens were deposited into KuCoin, while another one billion SHIB tokens were transferred to OKx. Additionally, whales engaged in substantial transfers of SHIB tokens between exchanges, including movements from Binance to BTCTurk and from Binance to Gate.io.
Of the estimated 20 billion SHIB tokens in motion, roughly half were transferred internally between the Binance and Bybit exchanges.
Despite these notable movements, the price of Shiba Inu (SHIB), the prominent meme cryptocurrency, has faced challenges in surpassing the $0.000009 mark over the past two weeks. While briefly achieving this level on Monday and Tuesday, the price encountered resistance and subsequently retreated.
Today alone, SHIB experienced a decline of over 3%, reaching a local low of $0.00000946. Over the past 24 hours, this decline has amounted to 4.70%.
Since Friday, SHIB has seen a price plunge of 5.44%, despite achieving surpassing the $0.00001 level multiple times last week through burning a zero from its price. However, it has consistently fallen back below this threshold following each upward movement.
Shibarium Network Records Surge in Daily Transactions
The Shibarium network, known for its layer-2 blockchain, is showing promising signs for a potential price surge. Recent data reveals a significant increase in daily transaction levels, with today’s count surpassing four million, now resting at 4.21 million transactions.
Over the past 24 hours alone, this metric has witnessed an addition of 1.21 million transfers. Notably, the number of daily transfers has been rapidly increasing in recent times, rising from 526,000 on Feb. 9 to 1.07 million on Feb. 16, and now reaching 4.21 million.
Additionally, the overall transaction count has surged by over four million within the last day, reaching a total of 364,480,402 transactions to date.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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