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4.34 Trillion SHIB: Here's What's Happening in Last 24 Hours

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Sat, 20/04/2024 - 14:16
4.34 Trillion SHIB: Here's What's Happening in Last 24 Hours
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In the last 24 hours, the movement of SHIB tokens, totaling a monumental 4.34 trillion SHIB, represents a significant uptick in large transactions within the Shiba Inu ecosystem, prompting speculation and anticipation.

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Recent data from IntoTheBlock shows an increase in whale activity, with inflows up 215%. On April 19, SHIB saw large holders inflow amounting to 4.34 trillion SHIB, a significant rise from 565.55 billion SHIB on April 17.

IntoTheBlock
Large Holders Inflow, Courtesy: IntoTheBlock

Large Holders Inflow tracks the funds going into addresses belonging to whales. Shiba Inu is also seeing an uptick in the volume of large transactions (those worth more than $100,000), which is up 58.48%.

At the heart of the surge lies an increase in the accumulation of SHIB tokens by large holders, known as whales, who have significantly increased their stakes in the cryptocurrency.

The inflow of 4.34 trillion SHIB tokens might suggest a concerted effort by whales to bolster their positions in anticipation of future price movements or strategic maneuvers within the market.

While the exact motives behind the surge in whale activity remain speculative, several factors may have contributed to this phenomenon.

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This could be in response to several factors, including market trends, upcoming developments within the Shiba Inu ecosystem, or favorable use cases. The recent volatility and price fluctuations in the cryptocurrency market may have prompted whales to increase their exposure to SHIB tokens in pursuit of potential gains.

At the time of writing, SHIB was down 1.18% in the last 24 hours to $0.0000227. With a market capitalization of $13.42 billion, SHIB sits in the 11th spot of the crypto rankings, with a seeming readiness to reenter the top 10.

Meanwhile, the cryptocurrency community keeps a close eye on the actions of Shiba Inu whales. Whether this inflow spike will lead to a sustained increase in SHIB's value or merely a temporary fluctuation remains to be seen. However, one thing is certain: The movement of 4.34 trillion SHIB has put attention on Shiba Inu.

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