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767 Billion SHIB Shifted by Shiba Inu Large Holders as Volume Jumps 66%

Mon, 06/19/2023 - 11:34
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Tomiwabold Olajide
SHIB sees recovery from oversold levels
767 Billion SHIB Shifted by Shiba Inu Large Holders as Volume Jumps 66%
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On-chain analytics firm IntoTheBlock estimates the large transaction volume of Shiba Inu in the last 24 hours to be 767.35 billion SHIB.

Shiba Inu is depicting a 66.35% increase in large transaction volume, which equates to $5.61 million in dollar value.

Large transactions, according to IntoTheBlock, refer to those above $100,000, and a spike in this metric is usually linked to increased activity by whales or large holders, who are either buying or selling. This might also be related to the recent large movement of SHIB made by the above-mentioned class of holders.

Moves by large holders have often been seen to impact SHIB's price. This seemed to be the case over the last 24 hours. This is reflected as SHIB made a sudden move above the $0.0000075 level on June 18, setting a nearly one-week high.

After a sharp drop on June 10 to lows of $0.000006, SHIB rebounded to trade in a range as conditions slowly improved. SHIB saw a mild recovery from oversold levels, as seen in its daily RSI, though this remains below the neutral mark.

The slight uptick from oversold levels is seen as SHIB marked four consecutive days in the green, setting highs of $0.0000075 in the process.

Shiba Inu is seeing mild profit-taking as some of the gains are easing at the moment.

Millions of Shiba Inu (SHIB) Burned in Week as Burn Rate Climbs 281%

According to CoinMarketCap data, Shiba Inu was trading at $0.0000072 at the time of writing, marginally higher in the last 24 hours and 8% higher in the last seven days.

Shiba Inu is seeing a volume uptick in trading volumes, which is the number of units swapped by buyers and sellers and is up 108% in the past day.

A total of 24,293,142,331,977 SHIB worth $175,068,453 has been swapped in the last 24 hours, per CoinMarketCap data.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.