Shiba Inu (SHIB) has seen a significant increase in large transactions recently, indicating a potential resurgence in price. According to data from crypto analytics platform IntoTheBlock (ITB), the volume of large transactions for SHIB has soared by 220.57% in just 24 hours, reaching a staggering $141.7 million.
These large transactions are defined as SHIB deals worth at least $100,000, and the data reveals a sharp spike in this metric over the past two days. The number of such transactions has risen from 164 on March 26 to 418 as of March 25.
Additionally, the total valuation of SHIB involved in these transactions has surged from 1.59 trillion tokens to 4.79 trillion units within the same timeframe. In dollar terms, the value of these transactions has increased from $44.2 million to $141.7 million.
Shiba Inu whales, who have historically had a significant impact on the price of SHIB, appear to be behind this recent surge in large transactions. This surge comes at a time when Shiba Inu is poised for a substantial overall recovery. As of now, SHIB is being traded at $0.00002966, reflecting a 6.56% increase in the past 24 hours.
Although SHIB experienced a bearish drawdown in recent weeks, it has maintained a relatively positive growth streak since eliminating one zero from its price. In the last seven days, SHIB has recorded a growth of 18.37%.
Given the positive turnaround in metrics, Shiba Inu may be gearing up to retest the $0.00003 level, which it recently fell from on March 16. If the momentum continues, SHIB could potentially experience an extremely bullish breakout in the near future.