In what is certainly a positive development for the ecosystem Shiba Inu (SHIB) on-chain activity has surged a remarkable 340%. Moreover, the undeniable increase was first reported by IntoTheBlock, with large transactions increasing over the last 24 hours.
The development arrives as SHIB is on the precipice of a crucial turning point. Indeed, the meme coin is seeking to eliminate yet another zero from its price. Currently, the asset is still trading below the $0.00001 mark and is down more than 1% over the last 24 hours, according to CoinMarketCap.
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Shiba Inu (SHIB) Seeking $0.00001 Amid On-Chain Surge
The overall digital asset market has not been tremendously impressive thus far in 2024. Despite the massive height that grew towards the end of last year, few assets have been able to meet those expectations. Moreover, a plethora of assets are still trying to find their footing.
However, one token may well be on its way. Indeed, Shiba Inu (SHIB) has seen its on-chain activity surge a remarkable 340% over the last 24 hours. Data shows that the volume increased from 1.28 trillion SHIB tokens to 4.35 trillion in an impressive turn of events.
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Therefore, the surge led to an increase in value from $12.15 million to more than $41 million. Additionally, analysis from IntoTheBloc shows that 34 transactions were surpassing the $100,000 mark. Subsequently, this showcases that a host of different investors were part of the massive increase.
The development could be crucial in SHIB’s attempts to eliminate a zero. However, that hope has simmered in recent hours, as the asset is trading at the $0.0000094 level currently. However, there is the hope that the critical support level could come to fruition with the growing activity on-chain.