According to IntoTheBlock, Shiba Inu (SHIB) has seen a 353% surge in large transactions worth more than $100,000. These transactions have resulted in the exchange of nearly 2.59 trillion tokens. The surge has also led to an increase in daily trading volume to 3.61 trillion tokens, or $26.02 million.

In addition, the Shiba Inu (SHIB) tokens flowing into whale wallets also increased. Data shows that the token inflow into whale wallets increased from 169.04 billion SHIB to 2.98 trillion SHIB. IntoTheBlock data shows that the concentration of whales has increased by 0.27%.

Still, the whale activity didn’t last long. Data shows that large transactions dropped by 0.70%.

Will the Shiba Inu see any volatile price action?

Whale activity often leads to price volatility. In addition, up to 78% of SHIB’s supply is held by large wallets. These wallets can push the price in any direction they like.

This large volatility could be one of the reasons why SHIB is currently down 6.5% on a weekly basis. Moreover, the token is down 6.9% from the previous month. In fact, SHIB has been struggling in the market since February this year. Even the launch of the Shibarium Layer 2 network by the project could not bring about a positive change in the asset price.

Shiba Inu’s (SHIB) current woes may also be due to concerns about U.S. Consumer Price Index (CPI) data due later this week. In fact, it’s not just SHIB that’s losing money. Bitcoin (BTC) is down 1.8% on its weekly chart, while Ethereum (ETH) is down 6.9% in the same time frame.