$SHIB Price Surges, Whales and Retail Investors Drive 68% Increase in Activity

The Shiba Inu ($SHIB) token has seen an increase in transfers by 68.75% to 8,517 transactions overnight, according to Etherscan.

This comes as the price of $SHIB approaches the important psychological level of $0.00000500, with large wallets moving 5.59 trillion $SHIB in just 5,057 transactions on July 31.

The average size of each transfer reached 1.10 billion $SHIB, followed by retail investors entering the game the next day, reducing the average transfer size to 0.47 billion $SHIB and increasing the number of transactions to 8,517.

Only 0.05% of wallets, or 764 addresses classified as whales, hold 94.64% of $SHIB's total market capitalization, with five largest holders controlling $2.76 billion out of the total $4.80 billion.