In a positive development for the meme coin, Shiba Inu (SHIB) whale transactions are up an astronomical 1,288% over the last 24 hours according to IntoTheBlock. Moreover, that trading volume has surpassed 9.38 trillion SHIB, which would be worth more than $88 million.
The whale transactions appear to be driving the journey to eliminate yet another zero from the asset’s price. Currently, the token is still trading at $0.0000095 according to CoinMarketCap. However, that price denotes an increase of more than 3% over the last day.
Shiba Inu Whale Activity Up 1,288% as Quest to Eliminate Another Zero Commences
Although we are less than ten days into the year thus far, 2024 has proven to be volatile for the digital asset sector. A host of tokens have fluctuated, with the developing Spot Bitcoin ETF proposals having a part to play in the movements. One of the most popular meme coins on the market has been exempt from that volatility. However, it has recently led to positive developments for the asset.
Shiba Inu (SHIB) has seen its whale transactions increase by an astronomical 1,288% over the last 24 hours. Moreover, that volume equates to more than 9 trillion SHIB, at a value of more than $88 million. Altogether, it appears as though SHIB Bulls are seeking to hopefully eliminate another zero from the price.
Whale transactions in the digital asset sector usually describe transactions whose worth is more than $100,000 at the time of the transfer. Moreover, the volume of these transactions refers to how much is traded on a specific day. Subsequently, an increase in volume showcases an uptick in activity by these large value holders.
Since the start of the new year, SHIB has been seeking to regain the $0.00001 price it had in December. To this point, that has proven to be a rather difficult prospect. However, the impending approval of a Spot Bitcoin ETF in the coming days should affect the overall industry. Therefore, SHIB should see some kind of positive momentum from the announcement.