Shiba Inu (SHIB) has surged an astonishing 1,173%, catching widespread attention. This remarkable rise coincides with significant moves by large holders, known as whales, who appear to be on a mission related to zero elimination.
The intriguing actions of these influential players add an element of mystery to SHIB’s surge, leaving the crypto community curious about the motivations behind this substantial price increase.
Shiba Inu (SHIB) Witnesses Surge in On-Chain Activity
Shiba Inu (SHIB), the dog-themed cryptocurrency, has experienced a significant surge in on-chain activity within the last 24 hours. This uptick coincides with substantial movements by some of the largest SHIB holders, commonly known as whales, who have transferred significant amounts of the token to various destinations.
Data from the blockchain analytics platform IntoTheBlock reveals a remarkable increase of 1,173.58% in the volume of large transactions involving SHIB, each valued at $100,000 or more, over the past day.
In specific terms, the volume of these substantial transactions has soared by 4.74 trillion SHIB, marking a substantial rise from 408.72 billion SHIB on January 18 to an impressive 5.15 trillion SHIB on January 19. The notable surge in on-chain activity raises questions and curiosity within the crypto community about the motivations behind these substantial movements.
Large On-Chain Transactions Propel Shiba Inu (SHIB) by $47.64 Million
In the latest development surrounding Shiba Inu (SHIB), large transactions valued at $100,000 or more have witnessed a substantial increase, reaching a monetary worth of $47.64 million. Such a surge in sizable transaction volumes often indicates significant activity among cryptocurrency whales, suggesting notable buying or selling actions.
The recorded on-chain transaction volume within the past 24 hours has surged to 6.48 trillion SHIB, marking a notable rise from 1.61 trillion SHIB on January 18 to an impressive 6.48 trillion SHIB on January 19.
This surge in on-chain activity coincides with a noteworthy rebound in the price of SHIB, which has experienced a nearly 5% gain in the last 24 hours. The correlation between increased on-chain transactions and a positive price movement adds an interesting dynamic to the overall narrative of Shiba Inu’s recent developments.
Shiba Inu (SHIB) Price Rebounds, Bulls Target Zero Elimination
Following a significant drop to lows of $0.00000878 on Friday, the Shiba Inu (SHIB) price experienced a rebound, sustaining gains into early Saturday trading. Over the last 24 hours, SHIB has risen by 2.31%, reaching $0.00000947.
Shiba Inu bulls continue their persistent efforts to eliminate a zero from the SHIB price, making gradual progress toward their goal. Despite not achieving the desired results yet, they are making strides in getting closer to their target.
On the positive side, Shiba Inu bulls face the challenge of contending with the daily Moving Average 50 (MA 50) at $0.000010 as they aim to erase a zero from the SHIB price.
In parallel developments, Shiba Inu’s Layer 2 solution, Shibarium, is on the verge of a significant milestone, nearing 300 million total transactions. Data from the Shibariumscan explorer reveals that total transactions have reached 296,739,458, with wallet addresses standing at 1,342,391 and total blocks at 2,739,095.
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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