Shiba Inu token SHIB saw an unusual surge in large transactions totaling $40 million over two days, driven by these two abnormal factors.
The Shiba Inu token SHIB saw abnormally high volumes of large transactions for the second day in a row. Thus, according to IntoTheBlock's data, the transaction volume, which was at least $100,000 yesterday, reached just under $40 million in the last 24 hours. The day before, this figure was even higher at $42.36 million.
It is actually known what the actual contribution to this abnormally high activity is. This is two major Shiba Inu token transfers made earlier in the week.
At the time, U.Today reported that more than 4.57 trillion SHIBs were moving between unknown wallets, citing Whale Alert . Each of the transfers was worth at least $31.4 million. There were also smaller transfers, counting the half-million dollars in SHIBs. Bigger picture But these transfers are just part of the evolving narrative. The real reason behind this increase can probably be attributed to the unpredictable Bitcoin (BTC) pump that has fluctuated the cryptocurrency market like an earthquake.
This increase in the value of Bitcoin has been reflected throughout the entire cryptocurrency world, causing increased trading activities of crypto whales and leading to unprecedented transaction volumes, especially in the Shiba Inu ecosystem.
