Shiba Inu, an Ethereum-based altcoin, created a torrent of speculative buzz across the crypto realm as the token registered another significant whale activity on Tuesday. The whale activity has gained considerable traction among crypto market enthusiasts as it comes amid SHIB witnessing a highly volatile price flux.
The meme coin appears to be noting a surge in whale transactions in recent days following its weekly upswing. However, as of writing, the price seems to be recording a minor drop.
In contrast to the price drop witnessed by the token, on-chain data showcased positive market sentiments for Shiba Inu.
Etherscan, a platform simplifying on-chain metrics, recently unveiled data showcasing the SHIB transfer. According to the data, a colossal 12.06 billion SHIB was transferred to Binance roughly three hours ago while writing. Moreover, the funds relocated to Binance, a prominent crypto exchange, totaled a whopping $116,077.
An unknown wallet, 0xe6029…fFBd25C8, was registered, sending SHIB to another address on Binance, as per on-chain data. This transaction may reflect the recent fall in SHIB price as the transfer of tokens to CEXs hints toward a possible supply upsurge.
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As of writing, the Shiba Inu price marked a marginal downfall of 0.84% over the past 24 hours, sparking speculations. Currently resting at $0.000009634, the token appears to be highly volatile within the broader crypto market.
The Shiba Inu price recently soared significantly, ditching a zero from its price value. However, the upswing lasted briefly as the token regained a zero in its price value shortly after.
In addition, the token recorded a constant price flux even today, December 12. The SHIB price today showcased a positive trajectory briefly, fueling optimism but soon crashing back to being bearish.
However, the Shibarium network appears to have noted a surge in activity across the Shiba Inu ecosystem. The daily transactions on the Shibarium network amount to 7.94 million, boosting traders’ confidence amid a price drop.
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