Shiba Inu (SHIB) Records $110.53 Million Surge in 24-Hour Transaction

Shiba Inu's ShibaSwap: Unveiling Exciting Developments

According to reports from on-chain portal IntoTheBlock, Shiba Inu (SHIB) has seen a remarkable surge in transactions within the last 24 hours. The worth of the transactions totals a large sum of $110.53 million.

This extraordinary activity marks an impressive 275% increase, translating to a substantial volume of 7.22 trillion SHIB tokens. Interestingly, this surge coincides with a period during which the Shiba Inu token experienced a significant price decline of over 11%. It dropped from $0.00001195 to $0.00001 within the past day.

Despite the market downturn, large players engaged in 186 transactions. Each transaction had a volume of at least $100,000, contributing to a total volume of 10.72 trillion SHIB.

Shiba Inu: Major Holders Increase Positions Amid Market Dynamics

Despite market expectations, data from Large Holders Inflow indicates that major players in the SHIB market did not divest their holdings during the recent period of market turbulence. Contrarily, they took an unexpected strategic approach by increasing their positions, adding a staggering 6.32 trillion SHIB to their portfolios. This move represents a remarkable 407% surge compared to the previous day, defying conventional market projections.

Strangely, this increase in buying from big players is happening while the price of SHIB is going down. This suggests that these important players are making strategic moves. After SHIB’s price shot up by an impressive 45% since early December, it seems like many in the market decided to cash in on their profits, causing the recent drop in price.

However, insights from on-chain statistics paint a different picture. It revealed that the most substantial players not only weathered the market storm but actively accumulated more SHIB during this period of price volatility. This unexpected and smart move by these players adds a layer of complexity to what’s happening with Shiba Inu’s value in the market.

Read Also: Shiba Inu Lead Developer Teases Major Revelation: A Game-Changing Announcement on the Horizon? 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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