Top cryptocurrency Shiba Inu (SHIB) has experienced a spike in its price following massive whale activity.
The large transaction saw the SHIB token recover up to 300%, causing speculation over this move in the past 24 hours. Details of the transaction were released by crypto data experts at IntoTheBlock.
According to the data from IntoTheBlock, the 300% surge in price happened due to a staggering transaction of about 20.2 trillion SHIB tokens.
This sudden increase drove the magnitude of these substantial transactions to an impressive $178.38 million, marking the highest figure in the past eight months.
It's important to note that only transactions surpassing $100,000 were taken into account for this measurement, with a recorded total of 57 during this period.
Etherscan has also released another piece of data about the Shiba Inu whales' transactions, linking them to a network of unknown wallet addresses.
Based on the data, these large transactions from mysterious wallets were the key to the significant surge.
In a notable occurrence, a wallet bearing the address "0xE50" executed a substantial withdrawal of 4.27 trillion SHIB, translating to an impressive $38.18 million. Conversely, another wallet, denoted as "0x23B7," experienced the most substantial influx, receiving 2.27 trillion SHIB, totaling $20.28 million.
The recent spike in the SHIB token price has raised speculations in the Shiba Inu and the crypto community at large. The coin, which is currently experiencing a bear season, seemed to have made some recovery after the large transactions were carried out.
Questions are being asked if the spike will turn into an uptrend or be short-lived. The motivation and intentions behind the whale activity are still unknown.
Popular European cryptocurrency exchange, Bitvavo has continued to propel another whale activity in the Shiba Inu community as it recently transferred 981 billion SHIB tokens.
This was made known via a tweet posted by whale transaction tracker Whale Alert. According to the data, Bitvavo moved 4.2 trillion SHIB tokens valued at around $38 million over the last 24 hours.
The current Shiba Inu price is $0.000009 per (SHIB/USD), with a market cap of $5.24 billion. The 24-hour trading volume is $75.38 million.
The real-time SHIB to USD price is constantly updated. Over the last 24 hours, Shiba Inu has experienced a +0.18% change, and it currently has a circulating supply of 589,290.29 billion.
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