Shiba Inu, the popular meme-inspired cryptocurrency, is experiencing a significant surge in large transaction volume.
Whales and institutional players have been actively buying and selling SHIB, resulting in a massive 361.39% increase in transaction volume over the past 24 hours.
According to IntoTheBlock data, Shiba Inu’s large transaction volume reached a seven-day high, with a staggering 6.36 trillion SHIB traded in the recent 24-hour period.
Historically, spikes in large transactions have had a noticeable impact on the price of Shiba Inu. These significant transactions often foreshadowed major price movements, indicating potential buying or selling pressure from whales and institutional investors.
The recent surge in large transactions suggests that Shiba Inu’s price may be poised for another significant move in the near future.
After experiencing earlier declines, the Shiba Inu price is currently eyeing a rebound. On July 7, SHIB reached highs of $0.00000732.
At the time of writing, SHIB is up 1.53% in the last 24 hours, trading at $0.0000073. However, it is worth noting that other ecosystem tokens like BONE and LEASH have outperformed SHIB in terms of price performance.
BONE, the Shibarium token, has surged 31% to $1.45, while LEASH, known as the Doge Killer, has seen an 11.30% increase to $342 within the same time frame.
Exciting developments are on the horizon for Shiba Inu as Shytoshi Kusama, the lead behind the project, hinted at a potential debut date for Shibarium Layer 2 in a recent blog post.
Shibarium aims to enhance the scalability and efficiency of the Shiba Inu ecosystem, providing new opportunities and utility for SHIB holders
