Shiba Inu (SHIB) Large Transactions Surge 300% to Reach $178M

In what is a rather surprising development for the meme coin, Shiba Inu (SHIB) has seen its large transactions increase by 300% to reach a total of $178 million over the last 24 hours. Indeed, the mystery large where revealed by IntoTheBlock. Specifically, 20.2 Trillion SHIB were transferred, preceding the massive increase.

Ultimately, the surge in large transactions skyrocketed to the aforementioned $178.38 million. Moreover, that figure is the highest that the Shiba Inu ecosystem has observed over the last eight months. Now, the most important question regards what that could mean for the asset’s price.

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Shiba Inu (SHIB) Whales Lead 300% Price Surve

There is little argument to be made about the popularity of one of the most prominent meme coins on the market. Indeed, Shiba Inu stands as one of the industry’s most important popular assets. However, like the rest of the industry, 2024 has not had it off to the best start thus far.

However, that could be set to shift in the coming days. Indeed, Shiba Inu (SHIB) has seen large transactions surge a remarkable 300%. Moreover, that figure would ultimately lead to 20 trillion SHIB being transferred, reaching a total of $178 million over the last 24 hours.

Also Read: Where Will Shiba Inu (SHIB) Be in 5 Years?

The massive increase has left the SHIB Army infused with newfound speculation. Indeed, there is a host of potential reasonings behind the development, and what it could mean for SHIB’s price. However, data shows that a host of mystery wallets were responsible for the massive uptick in large transactions.

Etherscan data shows one trade saw an address named ‘OxE50′ withdraw 4.27 trillion SHIB worth an astonishing $38.18 million. Thereafter, another wallet named ’02x3Bt’ facilitated the largest inflow. Specifically, it saw more than 2.27 trillion SHIB transferred, worth $20.28 million.

As previously stated, the market is abuzz as to what this could mean for the asset spice. Currently, SHIB is $0.00000908 and up more than 2.7% over the last 24 hours according to CoinMarketCap.