Shiba Inu Price Enters Uptrend Amid 1,300%+ Spike in Big Investors Activities

Following a week dominated by trading in negative territory, Shiba Inu experienced a significant breakout in the past 24 hours, registering a notable gain.

Data from market tracking resources indicated that Shiba Inu has grown from a low of $0.00001046 today to a high of $0.00001091.

This growth translates to a notable 4.3%, compared to 0.06%, which Shiba Inu recorded in its overall one-week performance. Notably, this surge in Shiba Inu’s price follows staggering whale transactions that caught the attention of crypto market participants.

Spike in Shiba Inu Whale Transactions

Within the last 24 hours, the renowned automated monitoring system Whale Alert detected the transfer of 4,231,619,279,051 (4.23 trillion) SHIB. The transfer was between two unidentified addresses.

🚨 🚨 4,231,619,279,051 #SHIB (44,455,276 USD) transferred from unknown wallet to unknown wallethttps://t.co/PE1fpHIf9H

— Whale Alert (@whale_alert) January 1, 2024

At the time of the disclosure, the transferred SHIB tokens held a value exceeding $44.4 million. However, according to Etherscan data, the value has since increased by $1,119,263, reaching $45.57 million at the time of this report.

The weight of this transaction prompted bullish comments from the crypto community. Besides, the mystery surrounding the sender and recipient further fueled speculation.

Etherscan data indicates the originating address is a new wallet with just three transactions. Similarly, the receiving address had only one transaction to its name.

Although the movement might suggest strategic actions by Shiba Inu whales to capitalize on the unfolding bull market, a closer examination of blockchain data reveals a connection with a centralized exchange.

In particular, on-chain data suggested that the 4.23 trillion SHIB recipient was the Bitvavo crypto exchange. This trading outlet has gained recognition for its characteristic movements of Shiba Inu tokens between new wallet addresses.

Additionally, Whale Alert documented multiple instances of similar trillion-unit SHIB token transfers between two undisclosed wallets in the past seven days.

Furthermore, data from the market intelligence platform IntoTheBlock affirmed a phenomenal spike in Shiba Inu whale transactions.

Shiba Inu whale transactions | <span style=font weight 400>IntoTheBlock<span>

According to IntoTheBlock, Shiba Inu transactions of $100,000 and above surged dramatically within 24 hours. Specifically, Shiba Inu whale transactions grew by more than 1,300% in a single day from the $4 million recorded in the previous day.

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