Shiba Inu Records Seven-Day High in Transaction Volume, Reaching $46.45 Million

Shiba Inu (SHIB) whales have been making significant moves, as evidenced by a remarkable surge in the cryptocurrency’s large transaction volume.

In the past 24 hours alone, the large transaction volume has skyrocketed by a massive 361.39%, reaching a total of $46.45 million. This surge marks a seven-day high for Shiba Inu, according to data from IntoTheBlock.

During the recent 24-hour period, an astounding 6.36 trillion SHIB tokens were transacted in large volumes. This volume represents the highest recorded in the past seven days.

IntoTheBlock’s Large Transactions Volume Indicator provides insights into the total amount of tokens transacted by whales and institutional participants on any given day.

When there is a spike in large transaction volume, it suggests that institutional players or whales are actively buying or selling SHIB tokens. IntoTheBlock defines large transactions as transfers exceeding $100,000.

The significant spikes in large transaction volume have historically had an impact on Shiba Inu’s price movements.

Often, these spikes serve as indicators of the cryptocurrency’s next major price move. In some cases, price surges have coincided with increased large transactions, while at other times, whales have indicated ideal profit-taking moments through their significant transactions on the network.

SHIB Price Rebounds

Currently, the Shiba Inu price is showing signs of a potential rebound following earlier declines in the week. On July 7, there was a significant price move, with SHIB reaching highs of $0.00000732.

As of now, SHIB has experienced a 1.53% increase in the last 24 hours, trading at $0.0000073. However, it is worth noting that other ecosystem tokens such as BONE and LEASH have outperformed SHIB during this period.

BONE, the Shibarium token, has surged by 31% to reach $1.45, while LEASH, known as the Doge Killer, has experienced an 11.30% increase to reach $342.

Shibarium Layer 2 Debut Date Hinted

Shytoshi Kusama, the lead of Shiba Inu, recently hinted at a potential debut date for Shibarium Layer 2 in a blog post earlier this week.

This development has sparked further interest and anticipation among Shiba Inu supporters. Shibarium is a Layer 2 scaling solution for the Shiba Inu ecosystem that is designed to reduce gas fees and improve transaction speeds.

If Shibarium is successful, it could have a significant impact on the price of SHIB and other ecosystem tokens.