Advertisement
AD

Main navigation

2.1 Trillion Shiba Inu (SHIB) in 24 Hours: What's Going On?

Advertisement
Thu, 12/09/2024 - 11:39
2.1 Trillion Shiba Inu (SHIB) in 24 Hours: What's Going On?
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

There has been a notable increase in Shiba Inu on-chain activity recently. In a single day, a whopping 2.1 trillion SHIB transactions were recorded. This abrupt rise indicates a resurgence of activity and interest in the Shiba Inu ecosystem, mostly from whales, or large investors

Advertisement

The number of big transactions reached a peak of 98 earlier this week, according to an analysis of the on-chain data, even though it has only been 47 in the last 24 hours. The high transaction volume fluctuated as well; on Sept. 9 it reached a high of 3.21 trillion SHIB moved, compared to a low of 645 billion SHIB on Sept. 7. 

Article image
SHIB/USDT Chart by TradingView

This implies that some whales are becoming more active and transporting large volumes of SHIB, possibly as a means of strategic liquidation or accumulation. Whales of the Shiba Inu breed have always been vital to the token's price movement. The concentrated nature of large holdings has historically meant that whale movements have directly affected SHIB's market value.

Related

Advertisement

Depending on which way these whale movements move, the volume of these transactions can cause volatility and price dumps or spikes. The current activity may indicate that a bigger price move — either upward or downward — is about to happen. It is imperative to monitor SHIB's resistance and support levels in light of the recent surge in large transactions.

Any significant buy or sell activity could break the current trend and push SHIB toward new highs or cause a pullback, given the current price trends and whale activity. Conclusively, the surge in significant Shiba Inu transactions observed recently suggests an increase in network activity. Although it is unclear if this is the start of a bigger trend, whales continue to be important players in SHIB's price movements, and their decisions will probably determine the market's next significant move.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD