Shiba

Shiba Inu

Frenzy

<ul>
 <li>Shiba Inu (SHIB) experiences a massive surge in on-chain activity.</li>
 <li>454.38% increase in large transactions worth $100,000 or more within 24 hours.</li>
 <li>Over $35 million in large SHIB transactions, equivalent to approximately 4.5 trillion.</li>
</ul>
The popular meme coin <a href="https://thenewscrypto.com/?s=shiba+inu" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu</a> (SHIB) has experienced a massive surge in on-chain activity recently, according to blockchain analytics firm <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" target="_blank" rel="noopener noreferrer nofollow">IntoTheBlock</a>.
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.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="293" src="https://thenewscrypto.com/wp-content/uploads/2023/10/image-53-1024x293.png" alt="" class="wp-image-84898" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/image-53-1024x293.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-53-300x86.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-53-768x220.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-53-1536x440.png 1536w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-53-150x43.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/10/image-53.png 1726w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Overall daily transaction volume for SHIB hit 5.78 trillion coins worth $46.12 million amid the spike in network usage.
<h2 class="wp-block-heading" id="frenzy-of-on-chain-activity-hasn-t-affected-prices-yet">Frenzy of on-chain activity hasn’t affected prices yet</h2>
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.

Shiba Inu Sees Massive Spike in On-Chain Activity

Table of Contents

TheNewsCrypto

Other articles published on Oct 31, 2023

Bitcoin (BTC) Price Prediction 2024-2030: Will BTC Price Hit $75,000 Soon?

Chainlink Price Shoots 6% With Ascending Triangle Breakout, Next LINK Target At $15?

Gaming and AI Bulls Are Beginning to Show Strength: Analyst

What Sets UNS Apart in the Crypto World: Delivering Success to Investors

Adobe Stock Price Analysis: Will ADBE Stock Price Bottom Out?

SEC may approve spot Bitcoin ETF on November 2

Join our free newsletter for daily crypto updates!