The Shiba Inu (SHIB) token has been making waves as large holders have been on a buying spree, accumulating over $100 million worth of SHIB tokens in just one week.

This intriguing development, reported by the market intelligence platform IntoTheBlock, has caught the attention of crypto enthusiasts and investors alike.

IntoTheBlock, a respected analytics platform, shared a screenshot highlighting significant spikes in SHIB’s netflow since the final week of August 2023.

Netflow is a crucial metric that tracks the movement of cryptocurrency assets and provides insights into buying and selling trends within the market.

Whale Alert, a sophisticated blockchain tracking and analysis system, documented a series of substantial SHIB transactions.

On August 31, 2023, one SHIB whale transferred a staggering 4,642,530,677,374 SHIB tokens, equivalent to $38,057,145, from an undisclosed wallet to another.

Two days later, on September 2, 2023, a different whale moved 4,630,530,677,374 SHIB tokens worth $36,696,955 from the Bitvavo crypto exchange to an unknown wallet.

On September 4, 2023, Whale Alert reported yet another significant transaction involving the SHIB meme coin. This time, a whale transferred 4,615,530,677,374 SHIB tokens, valued at $35,694,206, from Bitvavo to another undisclosed wallet.

These transactions collectively pushed the total value of SHIB tokens moved by whales to over $100 million.

The recent surge in SHIB whale activity coincided with a notable influx of new participants into the Shiba Inu ecosystem.

Data from the Shibarium explorer reveals that the newly created network has now surpassed one million active wallets.

In its relatively short existence, this network has facilitated over one million transactions and generated nearly 472,000 blocks, with an average block time of just five seconds.