Large transactions on the Shiba Inu network suddenly rose 300% as whales swooped into action following the most recent market declines.
IntoTheBlock, an on-chain analytics firm, classifies large transactions as those that exceed $100,000. In the last 24 hours, the blockchain data provider gives the number of large transactions as 16, a 300% increase in the last 24 hours.
Large transactions often give an inkling of whales' actions, and a spike in this metric might be due to a large quantity of buying or selling by this category of holders.
Whales or large holders are typically known to make use of market declines or periods of consolidation to accumulate at a discount. Following the latest selling bout on the market, several cryptocurrencies are recording losses at press time. Shiba Inu is down 3.47% at $0.0000088.
An interesting fact amid the recent declines is that the average SHIB balance of the top 100 Shiba Inu holders tracked by crypto data tracker WhaleStats is marginally up in the last 24 hours as their holdings remain unchanged. This might suggest accumulation.
Also, SHIB has set a new record for its long-term holders, which has risen to its highest level since the project's inception. IntoTheBlock data gives the percentage of long-term holders, which refers to "hodlers," or those that have held for more than a year, at 57%.
SHIBQueenie, the official Shiba Inu Discord moderator and team lead for Shiba Inu Games, has posted a cryptic tweet that has created excitement in the Shiba Inu community.
The tweet, which had a GIF image of a dog cooking, has raised expectations of an imminent announcement as the year draws to a close. The meaning of the tweet remains unknown, as no inkling has been provided so far.