Shiba Inu transactions have skyrocketed as the price of the coin has continued to rise, with transactions worth more than $100,000 quadrupling in recent weeks, based on data by IntoTheBlock.
Shiba Inu exploded after the XRP court decision, with large-scale transactions rising by a whopping $56.78 million in the last day alone and total transactions over the previous day reaching $9 trillion.
One of the most active groups for meme coins exists for Shiba Inu, and it’s not going anywhere.
The total number of SHIB tokens transferred in large-scale transactions has increased by an incredible 6.97 trillion, a 390% increase from the previous day.
Shiba Inu’s 10% rally was fueled by the overall market surge, which pushed the asset to its highest value in almost a month.
Analysis from IntoTheBlock also reveals that SHIB millionaire addresses are covertly increasing their holdings as a major boost for the Shiba Inu ecosystem approaches.
In recent weeks, the largest Shiba Inu investors have been discreetly increasing their stakes, indicating that they are optimistic about the project’s future.
In the past 30 days, Shiba Inu has experienced accumulation from all tiers of holders, but the owners of more than 100 billion to 1 trillion SHIB reported the most accumulation.
The balance held by Shiba Inu billionaire addresses has increased by a whopping 2.4 trillion SHIB in the past week alone.
One of the Shiba Inu whales is believed to be in possession of 101.47 trillion SHIB tokens, or 10.5% of the total supply, according to the most recent statistics from Lookonchain. There are 23 different wallets connected to this whale that contain these SHIB coins, totaling almost $756 million.
One of the biggest whales in the ecosystem recently transferred 4 trillion SHIB tokens worth $29.8 million to 8 different addresses, which caused a commotion in the Shiba Inu community. Many people were surprised by this action because the whale, which currently controls 101.47 trillion SHIB tokens, or 10.15% of the total supply, has been idle for some time.
The whale has been dormant for over 2 years, making no significant transfers of its SHIB tokens.
In the upcoming days, the price of Shiba Inu is probably going to be strongly associated with the general market. It will be fascinating to monitor how the price of other digital assets continues to change as the market rejoices over the XRP court decision.
The launch of Shibarium is seen as a major milestone for the Shiba Inu project, and the community is excited to see what it will mean for the price of SHIB and other ecosystem tokens.