Altcoins

Shiba Inu (SHIB) Jumps 300% Amid Abnormal $178 Million Whale Activity

In an unexpected turn of events, large transactions involving Shiba Inu’s token, SHIB, have surged by a staggering 300% in the past 24 hours, reaching levels not seen since May. Data from IntoTheBlock reveals that over the last day, substantial transactions with SHIB soared to an astonishing 20.2 trillion, marking an unprecedented surge.

This surge propelled the volume of these large transactions to an impressive $178.38 million, making it the highest in the last eight months. Notably, only transactions exceeding $100,000 were factored into this metric, and the recorded count during this period was 57.

The surge in SHIB’s transaction volume has left the crypto community abuzz with speculation about the potential reasons behind this abnormal activity and its potential impact on SHIB’s price. The surge appears to be linked to a network of unknown wallets, according to data from Etherscan. The data indicates that the inflated transaction volumes can be attributed to a series of transactions involving these mysterious wallets.

In a particularly noteworthy instance, one wallet with the address “0xE50” made a massive withdrawal of 4.27 trillion SHIB, equivalent to a staggering $38.18 million. On the flip side, another wallet, identified as “0x23B7,” witnessed the largest inflow of 2.27 trillion SHIB, amounting to $20.28 million.

The unprecedented surge in large transactions with the Shiba Inu token raises questions about the intentions and motivations behind these significant movements. The impact of this unexpected activity on the price of SHIB is yet to be determined, leaving traders and investors in unknown territory as they monitor the unfolding situation.

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