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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a recent turn of events, the Shiba Inu token (SHIB) has experienced an unprecedented surge, catapulting a staggering 540% in a pivotal on-chain whale statistic. According to data provided by IntoTheBlock, the volume of large transactions involving SHIB has soared exponentially since the week commenced, marking a monumental leap from 1.24 trillion tokens to a jaw-dropping 6.68 trillion within a mere two-day span.
Remarkably, this astronomical growth translates into a remarkable surge in dollar terms, surging from $11.93 million to a substantial $70.45 million, highlighting a remarkable 590% increase. The surge in large transaction volume, which encompasses transactions of at least $100,000, underscores a significant uptick in investor activity, with a notable tally of 297 transactions recorded during the period under scrutiny, 175 of which occurred within the last 24 hours.
A noteworthy aspect of this surge lies in the disparity between volume and dollar terms, with the latter witnessing a more pronounced escalation. This phenomenon can be attributed to the remarkable ascent in SHIB’s price, soaring by over 20% during the review period.
The meteoric rise of the Shiba Inu token is not an isolated event but rather mirrors a broader trend of surging meme-based cryptocurrency quotes. In tandem with SHIB’s exponential growth, other notable tokens such as PEPE saw a staggering 95% surge, DOGE experienced an 11.63% increase and BONK surged by 16%, underlining a widespread craze in the meme coin market.