Whale Alert, the crypto tracker, reported that there was yet another transaction that involved a large amount of SHIB tokens.
The data showed that a staggering number of the Shiba Inu tokens were transferred by an unknown wallet and it was made to an address that was also marked as anonymous by the tracker.
A day earlier, there had been yet another transaction that had seen a massive amount of SHIB tokens being transferred.
It had also been reported earlier in the week that there had been an enormous increase in the daily transactions taking place on the Shiba Inu network.
The transactions
The most recent transaction that occurred saw the anonymous wallet shift about 3,504,812,794,902 SHIB tokens, which carried a value of $40,063,515 at the time when it was made.
The transaction that had been made a day earlier had involved the movement of approximately 6 billion Shiba Inu tokens, which had also been detected by Whale Alert.
This transfer had been spread across a total of three transactions and they had been conducted within minutes of each other.
Possibilities
No explanation was given by Whale Alert for the said transactions, which means there is a good chance that they were just a redistribution of funds by an individual holder, or an exchange.
The same applied to the latest transactions of the SHIB token. A record high number of daily transactions that take place on the Shiba Inu network was seen on April 1st.
In fact, it reached the highest level since the beginning of the year. The day saw nearly 36,000 unique SHIB wallets conduct transactions on the network.
Price spike
Meanwhile, the second largest meme token in the market has been enjoying a price rise of late, as it surged by nearly 8%.
This had all started from April 3rd and its biggest rival, Dogecoin had also recorded a massive surge in its price.
This occurred after Elon Musk, the Tesla and Twitter CEO, decided to change the logo of the social media platform to the Shiba Inu dog, which is Dogecoin’s mascot.
Many crypto influencers shared that this change in logo hinted at the possibility of Twitter integrating DOGE payments on the platform down the road.
This is something that the Dogecoin community has been counting on, ever since Elon Musk took the reins at Twitter, given that he is a huge DOGE fan.
The rise in DOGE’s value also gave the Shiba Inu token a boost and it is enjoying the benefits from the Twitter change.
