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Shiba Inu Large Transactions Rise to Nearly $390 Million, Accounting for 81% of On-Chain Volume

Thu, 02/10/2022 - 11:45
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Tomiwabold Olajide
SHIB records nearly $390 million transactions, reaching multi-month high
Shiba Inu Large Transactions Rise to Nearly $390 Million, Accounting for 81% of On-Chain Volume
Cover image via stock.adobe.com

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IntoTheBlock analytics reports that the volume of Shiba Inu transactions greater than $100,000 has reached fresh multi-month highs at $389.89 million. It also notes that these transactions account for 81% of the total on-chain volume.

Large transactions are those in which the amount transferred exceeds $100,000, according to IntoTheBlock. The on-chain volume of these transactions gives an idea of the amount whales and institutional players transact in a given day. Increases in the volume of large transactions indicate increased activity among institutional buyers and sellers.

The latest rise in on-chain large transactions coincides with the timing of SHIB returning to the top 10 purchased tokens and top most used smart contracts by the 1,000 biggest ETH wallets, as tracked by WhaleStats. SHIB also clinched the biggest token holding among whales.

SHIB price action

Shiba Inu is posting a rebound after dipping to lows of $0.0000294 on Feb. 8. At the time of publication, SHIB was trading at $0.00003325, up 6.05% in the last 24 hours. SHIB ranks 13th largest cryptocurrency by market capitalization. Shiba Inu is posting a 62.66% increase over the past seven days.

Shiba Inu was also able to recoup losses incurred by traders throughout the previous 30 days of holding SHIB as it is back to late December levels. According to IntoTheBlock, the token's profitability has improved from around 30% to 51%.

Shiba Inu's creators just stepped up their Metaverse game by introducing Shiba Lands. This will make it possible to buy digital real estate that will be available "really soon."

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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.