Shiba Inu (SHIB) Hits Almost 2 Trillion in 24 Hours: What's Going On?

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There has been some unusual activity behind the scenes of the popular meme-inspired cryptocurrency, Shiba Inu (SHIB), over the past 24 hours. 

IntoTheBlock data indicates a significant increase in whale activity, with the Shiba Inu token experiencing a more than 282.8% spike in large transaction volume over the past 24 hours. This has led to a total of 1.97 trillion SHIB in large transactions of at least $100,000. In terms of money, the figure reached $25.81 million yesterday.

Source: IntoTheBlock

All in all, there were 45 of these big transactions, which means that the average volume transacted by a Shiba Inu whale in the last 24 hours was 43.77 billion SHIB — or about $574,700. This is five times higher than usual, which could signal that major players are jumping into the Shiba Inu market.

Why now?

It is fair to ask this question, and the Shiba Inu price chart, which has developed in a rather unexpected way over the past 24 hours, can partially provide answers. 

Yesterday, against the background of a sharp collapse of the crypto market, the SHIB price lost 5.99% of its opening price. As a result, quotes of the meme cryptocurrency reached a bottom not seen since the beginning of August at $0.0000124. 

SHIB to USD by CoinMarketCap

However, this dip was quickly bought back and, as a result, the price of the Shiba Inu token returned to the level of $0.000013. It can be assumed that the very surge of large transactions occurred at the moment of this very dip and further buyback.