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Shiba Inu: Here's What's Behind 229% Surge in SHIB Whale Transactions

Mon, 09/11/2023 - 11:15
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Tomiwabold Olajide
Shiba Inu sets off week with spike in whale transactions
Shiba Inu: Here's What's Behind 229% Surge in SHIB Whale Transactions
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Shiba Inu whale transactions are up 229% at the start of the week. Data from on-chain analytics firm IntoTheBlock reveals a spike of 229% in Shiba Inu's large transaction volume. The last 24 hours specifically saw 1.23 trillion SHIB in large transaction volume.

IntoTheBlock classifies transactions with a transfer of more than $100,000 as large transactions. The Large Transactions Volume indicator in this instance calculates the total amount of cryptocurrency transferred in such transactions.

Large Transactions Volume gives an estimate of the total amount that whales transact in a single day. Increases in the volume of large transactions indicate high activity among whales either buying or selling.

In the last 24 hours, over $9.08 million were transferred in transactions over $100,000, which might suggest that a considerable quantity of volume was probably bought by large players.

This deduction stems from the fact that whales, or large holders, typically take advantage of periods of price decline to accumulate more holdings.

Shiba Inu (SHIB) Adds More Trillionaire Addresses in Surprising Turn

Per the IntoTheBlock "Balance by Holdings" statistic, there is a tendency toward accumulation among Shiba Inu trillionaire addresses, particularly those who hold 1 trillion to 10 trillion SHIB, as their balance has increased in the last 30 days.

Shiba Inu price action

Shiba Inu's price has been on a steady decline since reaching a high of $0.00001134 on Aug. 12. At the time of writing, Shiba Inu was down 2.025 in the last 24 hours to $0.00000727.

The whole cryptocurrency market is trading down as traders await the release of key inflation numbers later this week.

The U.S. will disclose August CPI and PPI statistics this week, while the European Central Bank will publish its interest rate decision. The year-on-year inflation rate is predicted to rise from 3.2% to 3.4%, while the core inflation rate is expected to fall from 4.7% to 4.5%.

The good news for the Shiba Inu price is that it is approaching oversold levels as the daily RSI approaches 30; hence, a rebound may be expected shortly to provide traders with respite.

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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.