According to the on-chain analytics platform IntoTheBlock, the Shiba Inu (SHIB) meme coin has experienced an extraordinary surge in large transactions, reaching a staggering $110.53 million in the last 24 hours.
This increase of 275% equates to an astounding 7.22 trillion SHIB tokens changing hands. This surge comes at a time when the Shiba Inu token’s price has dropped by more than 11% in the last day, from $0.00001195 to $0.00001.
Despite broader market declines, significant market participants engaged in 186 separate trades, each with a volume of at least $100,000.
According to IntoTheBlock data, these significant transactions contributed to a total trading volume of approximately 10.72 trillion SHIB tokens during the specified timeframe.
Large Holders Inflow analytics revealed that major SHIB market participants did not reduce their positions during this period, contrary to expectations.
Large holders, on the other hand, increased their cumulative holdings by around 6.32 trillion SHIB—a significant 407% increase over prior-day levels.
This surge in large transactions and increased holdings by major players adds an intriguing layer to the Shiba Inu token’s market dynamics, indicating that significant market participants remain interested and engaged despite the recent price drop.