Shiba Inu (CRYPTO: SHIB) saw a large uptick in high-value transactions over the last 24 hours.
What Happened: According to data from IntoTheBlock, SHIB saw 761 large transactions in the last day — an increase of 450%.
IntoTheBlock defines large transactions as those with a value exceeding $100,000. Over the last seven days, there were $623 million in large transfers —the bulk of which occurred Feb. 7.
The surge in high-value transactions comes as SHIB saw a 50% uptick in its price over the last week. The Dogecoin (CRYPTO: DOGE) rival was trading at a price of $0.00003296 and reclaimed a market cap of $18 billion.
The meme-based cryptocurrency also saw a 76% increase in daily trading volume, which exceeded $5 billion as of Tuesday morning.
SHIB was one of the most-traded coins in the last 24 hours. Only Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) saw a higher trading volume.
On Feb. 4, Benzinga reported that 70% of SHIB traders on Coinbase Global Inc (NASDAQ:COIN) had a “buy” target on Shiba Inu.
The recent price surge and renewed popularity among traders have led to an increase in the number of holders for between one and 12 months.
Is meme season back?$SHIB is ripping again, soaring by 37% over the past 24 hours.@Shibtoken token holders are showing strong conviction, as the number of holders between 1-12 months have increased from 533,180 addresses on Nov 1 to 1.05m addresses yesterday. pic.twitter.com/mAD4NYt8DR
— IntoTheBlock (@intotheblock) February 7, 2022
Photo by Quantitatives.io on Unsplash.
