Shiba Inu (SHIB) shocked the crypto market by registering a dramatic rise in its on-chain activity. According to data from IntoTheBlock, SHIB’s transaction volume soared from 1.8 trillion tokens, worth approximately $22.84 million, to an eye-popping 7.37 trillion SHIB. That spike translates to about $93.56 million in total value moved within 24 hours.

Price Remains Steady Despite Volume Jump

Interestingly, SHIB’s price remained relatively stable throughout this volume explosion. The token hovered around $0.000013 during this surge, showing minimal fluctuation in market value. Despite the unchanged price, the volume increase alone grabbed the attention of market analysts and investors alike.

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To put the numbers into perspective, SHIB’s average daily volume for the prior week stood at roughly 2.78 trillion tokens, valued at a little over $36 million. This means the latest figure of 7.37 trillion SHIB exceeds the seven-day average. Even more striking, the May 1 volume low of 1.09 trillion SHIB (worth only $14.69 million) makes this recent activity look even more extraordinary.

Source: IntoTheBlock

Large Transactions Drive the Activity

While the number of transactions jumped significantly, the number of transactions per user didn’t follow the same upward trend. On May 5, the total number of on-chain SHIB transactions reached 3,940. This pattern suggests the surge came from a few large transactions rather than retail investors executing multiple small trades. 

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Analysts believe whales, internal fund transfers, or pre-arranged capital movements likely fueled the spike. Although it remains unclear whether this sudden spike signals a future price breakout or simply a redistribution of existing holdings, it has undeniably put Shiba Inu back in focus. 

Traders and analysts now closely monitor SHIB for any follow-up activity that could hint at broader market implications.