- Shiba Inu (SHIB) experiences a massive surge in on-chain activity.
- 454.38% increase in large transactions worth $100,000 or more within 24 hours.
- Over $35 million in large SHIB transactions, equivalent to approximately 4.5 trillion.
The popular meme coin Shiba Inu (SHIB) has experienced a massive surge in on-chain activity recently, according to blockchain analytics firm IntoTheBlock.
The most striking data shows a 454.38% explosion in large transactions worth $100,000 or more within just 24 hours. This translated to over $35 million in large SHIB transactions, representing approximately 4.5 trillion tokens.
Overall daily transaction volume for SHIB hit 5.78 trillion coins worth $46.12 million amid the spike in network usage.
Frenzy of on-chain activity hasn’t affected prices yet
However, the frenzy of on-chain activity has yet to significantly impact SHIB’s price. After gaining 12.5% last week, SHIB struggled to break past resistance at $0.000008 this week.
Some analysts say the price chart indicates potential accumulation after SHIB’s recent strong run, with the overall crypto market remaining volatile.
While SHIB has failed to erase another zero from its price yet, the surge in on-chain transactions signifies growing engagement from the token’s community. It remains to be seen whether the momentum will lift SHIB’s price over the coming weeks and months.
For now, the meme coin seems to be consolidating following its powerful rally off lows this past summer. But the blockchain data highlights intensifying utility and activity among SHIB holders and developers.
