Popular dog-themed memecoin,Shiba Inu, has experienced a massive explosion in its large transaction volume

Popular dog-themed memecoin,Shiba Inu, has experienced a massive explosion in its large transaction volume within the last 24 hours

Popular dog-themed memecoin, Shiba Inu (SHIB), has experienced a massive explosion in its large transaction volume within the last 24 hours, according to the latest data from on-chain aggregator, IntoTheBlock.

According to the data, SHIB’s large holders have transacted a massive 6,670,000,000,000 SHIB tokens worth about $84.77 million in just one day.

The broad cryptocurrency market has recently witnessed high price volatility, and investors' confidence has begun to weaken as bulls appear to be exiting the market.

This has seen major cryptocurrencies, including Shiba Inu, plunge back to previous lows, recording up to an 8.93% weekly decrease in price, according to CoinMarketCap data.

Despite this ongoing market slump, Shiba Inu’s trading volume has remained in the green zone, indicating a positive surge in trading activity among SHIB’s retail and institutional investors.

The positive momentum has been mirrored by trading activities from whales and institutional holders, as the token recorded a massive 6.67 trillion SHIB in large transaction volume on May 5 — the highest level reached in seven days.

This on-chain metric measures all transactions involving SHIB tokens worth $100,000 and above within the specified period.

Although the reason behind the volume spike is still uncertain, it reveals that whales are now aggressively accumulating or selling their holdings.

SHIB rally soon?

Notably, this sudden surge in SHIB’s large transaction volume has yet to positively impact the asset’s market value. SHIB is still trading in the red zone, sitting at $0.00001246 as of press time.

While the metric suggests that whales are positioning themselves for significant activity ahead, it provides a positive price outlook for SHIB, boosting investors' confidence in SHIB’s potential.

However, there are chances that the massive transaction volume spike could result in further price slumps for SHIB.

Current market movements suggest that SHIB whales might actually be selling off their assets in large quantities, triggering the surge in the on-chain metric.

With SHIB’s market capitalization also declining 2.25% to $7.34 billion since the last day, investors are curious if there is still a potential price breakout ahead.