Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Recent data from IntoTheBlock reveals a staggering surge in the volume of large transactions involving the Shiba Inu token. Since June 1, these transactions have witnessed a remarkable increase of $10.7 million, marking a substantial growth of 310.69%. This translates to a surge of 1.24 trillion SHIB, with the total amounting to 1.65 trillion SHIB in the past 24 hours. Notably, it is important to clarify that these large transactions are only considered if they amount to at least $100,000.
Yuri MolchanThe recent spike in large transactions involving the Shiba Inu token sheds light on price action secrets surrounding the token. Typically, such sudden bursts of activity from prominent investors occur during periods of relative market inactivity. Currently, the price of SHIB has remained within a tight price range for the past month, indicating a phase of accumulation. While the market may seem uneventful at first glance, on-chain metrics indicate a discernible buying activity.
However, it is crucial to exercise caution when interpreting these metrics as evidence that the price of the Shiba Inu token will experience a significant surge, enriching those who have quietly accumulated. The correlation between on-chain metrics and price movements is complex, and various factors can influence the token's trajectory. Therefore, while the recent surge in large transactions offers insights into investor behavior, it is unlikely to serve as a definitive indicator of an imminent price increase.
Gamza KhanzadaevAs the Shiba Inu token continues to capture the attention of crypto enthusiasts and investors, monitoring both on-chain metrics and broader market trends will provide a more comprehensive understanding of its potential price action in the coming days.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin