The Shiba Inu token, commonly known as SHIB, has recently experienced a significant surge in high-value transactions. Over two consecutive days, the token witnessed transaction activities amounting to $40 million, which is quite unusual.
SHIB Transactions Details
Data from IntoTheBlock reveals that there was a substantial volume of large transactions involving the SHIB token. On the first day, transactions exceeding $100,000 reached a total of $42.36 million. This was followed by a slightly lower volume of just under $40 million the next day. When converted to SHIB tokens, these amounts equate to 5.96 trillion SHIB and 5.56 trillion SHIB, respectively.
Shiba Inu Transactions on the rise?
The primary reason for this surge in activity has been identified. Earlier in the week, two significant Shiba Inu token transfers were reported. According to U.Today, which referenced Whale Alert, there was a movement of over 4.57 trillion SHIB between unidentified wallets. Each of these transfers had a value of at least $31.4 million. Additionally, there were other smaller transfers, with some being as high as half a million dollars in SHIB.
Why is Shiba Inu UP?
While these large transfers are noteworthy, they are just a part of a bigger story. The real catalyst behind this uptick in SHIB transactions is believed to be the unexpected surge in Bitcoin (BTC) value. This increase in Bitcoin’s price sent shockwaves throughout the cryptocurrency market. As a result, the entire crypto world, especially the Shiba Inu ecosystem, saw heightened trading activity and unprecedented transaction volumes, primarily driven by crypto whales.
Is Shiba Inu a Good Investment?
Investing in Shiba Inu appears to be a promising decision given the current bullish sentiment in the market. With Bitcoin hovering around the 30K mark, there’s a strong indication that Shiba Inu could also experience a significant uptick in its value. Historically, altcoins often exhibit a greater percentage increase compared to Bitcoin during bullish phases. Therefore, based on these trends, one can anticipate that Shiba Inu’s price might see a more pronounced rise in the near future.