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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant 61.39% increase in large transaction volume, which is usually suggestive of whale activity.
Large transaction volume is a crucial measure from IntoTheBlock that indicates the total amount transacted by whales on a particular day. Spikes in large transaction volumes point to high activity among whales, either buying or selling.
In recent days, there has been a decrease in the volume of large transactions for SHIB that exceed $100,000. SHIB reported a considerable reduction in large transaction volume, falling from 6.36 trillion SHIB on April 19 to 2.06 trillion SHIB on April 20.
Since this date, Shiba Inu's large transactions have flatlined between two trillion SHIB and 3.73 trillion SHIB, before a sudden rise on April 24.
Tomiwabold OlajideLarge transaction volumes increased from 3.73 trillion SHIB on April 23 to 6.23 trillion SHIB on April 24. The monetary value of large transactions in the past 24 hours reached $162.45 million, a seven-day high.
SHIB drops 9%
The timing of the large transaction volume rise is particularly interesting, as it coincides with a broader market collapse, with major cryptocurrencies losing between 4% and 20%.
Shiba Inu was not spared from the bearish trend, falling 8.69% in the last 24 hours to $0.00002486, despite rising 13% in the previous seven days. Thus, the resurgence of whale activity might signal renewed interest in the dog-themed token.
This is hardly surprising given that whales often utilize periods of correction to accumulate at a discount. The increase in transaction volume might suggest that large investors are once again positioning themselves on the market, potentially anticipating future price movements.
The return of SHIB whales also comes at a time of heightened enthusiasm: Shiba Inu has just secured $12 million in funding, putting it on track to become a big participant in the crypto market.
As SHIB whales make a comeback, investors and traders will be closely monitoring market trends for clues about the cryptocurrency's price trajectory.
Yuri Molchan
Denys Serhiichuk
Dan Burgin
Alex Dovbnya
Vladislav Sopov