Shiba Inu (SHIB) has staged a remarkable comeback, defying market bears and showing an unprecedented surge in on-chain activity.
According to the latest data from blockchain analytics platform IntoTheBlock, there has been a staggering 385% increase in large transactions valued at $100,000 or more in the last 24 hours.
Behind this impressive increase is a staggering increase in whale transactions involving SHIB, rising from $19.54 million to a staggering total of $69.32 million.
This surge, which has resulted in the exchange of an astronomical total of 7.29 billion SHIB tokens, not only signals renewed interest from investors, but also serves as a strong indicator of bullish sentiment around Shiba Inu.
The Shiba Inu token (SHIB) currently stands at a value of $0.000009601, registering a slight decrease of -0.59% in the last day, according to data from CoinMarketCap.
However, over the course of the last seven days, SHIB has seen a notable increase of 4.11% and even more notable is its growth of 7.19% in the last month.
Although it has not yet reached the desired value of $0.00001 per token, this price level is still attractive to many Shiba Inu enthusiasts, especially when compared to the token’s value in early December.
Adding to this positive momentum is the increase in inflows from large SHIB holders
Over the past day, this key indicator for the popular token has seen an impressive 539% surge, reaching a volume of 5.61 billion SHIB.
This increase underlines a significant accumulation of tokens in the wallets of major Shiba Inu whales, demonstrating strong confidence among major holders.
Notably, outflows were considerably lower, standing at 923.82 billion SHIB, further emphasizing the prevailing confidence among large holders.
The increase in whale activity, combined with the recovery in price and considerable accumulation by major holders, paints a picture of renewed vigor and interest in SHIB.
This Shiba Inu resurgence follows a period of market turbulence, indicating a resilient stance to broader market fluctuations.
As SHIB continues to show signs of recovery and higher activity, it reaffirms the community’s interest and confidence in the token’s potential, signaling a possible bullish shift in sentiment for Shiba Inu in the near future.