- The volume of large transactions involving Shiba Inu surged by over 400% in the past 24 hours.
- Significant growth in large transactions was observed, increasing from 1.4 trillion SHIB to 6.11 trillion SHIB.
- Despite a 7% decline in SHIB’s price within 24 hours, some major SHIB holders perceived it as a discount and augmented their positions.
The past 24 hours have witnessed a staggering surge in the volume of significant transactions involving Shiba Inu (SHIB). Data reveals an astonishing 400% increase in the volume of these large transactions.
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From 1.4 trillion SHIB, the volume escalated to a remarkable 6.11 trillion SHIB within this short span, representing an exponential rise. Delving into the monetary aspect, the surge translates into a substantial jump from $42.75 million to $171.74 million, marking a staggering 401.7% increase.
The sheer magnitude of this spike in transaction volume is further highlighted by the emergence of 276 large transactions, a significant increase of 119 transactions compared to the preceding day. This surge in transaction activity is intricately tied to the price fluctuations witnessed in the Shiba Inu token.
Notably, the token experienced a significant decline, with its value plummeting by almost 7% within the last 24 hours. This downward trajectory persists, culminating in an overall decline of nearly 15% since the week’s commencement. Presently, SHIB is trading at $0.0000262.
The dynamic interplay between market forces, notably bulls, bears, and whales, underscores the intricate nature of the cryptocurrency landscape. While the decline in SHIB’s price prompted some significant players to offload their holdings, others perceived it as an opportune moment to bolster their positions, viewing the price dip as a discounted entry point.
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