Meme-themed cryptocurrency Shiba Inu SHIB/USD saw a significant uptick in high-value transactions on Tuesday.
What Happened: According to data from IntoTheBlock, SHIB recorded a 260% increase in large transactions over 24 hours.
The price of the Dogecoin DOGE/USD rival also rallied 23% from an intra-day low of $0.00001447 to an intra-day high of $0.00001789 over the same period, suggesting these high-value transfers were likely large purchases.
See Also: How To Buy Shiba Inu (SHIB)
At press time, SHIB was trading at $0.00001596, as per data from Benzinga Pro. The token has gained 15,000 new holders despite its price falling 35% over the last month.
SHIB was among the altcoins that posted a recovery following the previous day’s crypto blood bath which saw Bitcoin BTC/USD briefly drop under the $30,000 mark.
More than $1 billion was liquidated from crypto markets as Terra’s LUNA/USD stablecoin TerraUSD UST/USD de-pegged from the U.S. dollar, bringing to light the inherent systemic risk within the crypto ecosystem.