Shiba Inu (Shib) on-chain activity jumps up and numbers are too big to ignore, as represented by Intotheblock. In just one day, SHIB’s total transaction volume amounted to $2,284 million, jumping to a whopping 7.37 trillion shibe, from 1.8 trillion tokens. This was worth around $93.56 million.
Shib’s prices didn’t change much at the same time, but most were around $0.0013, but the volume gained real attention.
Looking at the big picture, the move actually stands out compared to the previous week, with an average daily volume of around 2.78 trillion shill, which averages just over $36 million.
This has made this recent activity more than double the weekly average, far surpassing the seven-day lows recorded on May 1, and soaked the volume into 1.09 trillion shibes worth just $14.69 million.
The number of transactions increased significantly, but the number of transactions per user did not increase significantly.
On May 5th, on-chain count hit 3,940 transactions. Therefore, the surge appears to be unmoved by the retailers having many small movements. It is likely that there were fewer but much larger transactions. These were probably linked to whales, internal transfers, or pre-structured capital shifts.
It is unclear whether the spike is a sign of a larger price movement or if there are large holders simply shifting funds. In any case, a sudden volume jump has brought Shiba Inu back on the map for those looking at the early signs of the Altcoin market.