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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.
Whales are back in $SHIB
— IntoTheBlock (@intotheblock) February 9, 2022
The volume of on-chain transactions greater than $100k recorded a multi-month high yesterday with 389.89m.
These transactions account for 81% of the total on-chain volume.@Shibtoken analytics are available here: https://t.co/XrkLyI1LX4 pic.twitter.com/dMD5dplKxd
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.
JUST IN: $SHIB is back on top 10 purchased tokens and top most used smart contracts by 1000 biggest #ETH whales in the last 24hrs ??
— WhaleStats - BabyWhale ($BBW) (@WhaleStats) February 9, 2022
Woof! Woof! #ShibArmy let's make some noise ?
Whale leaderboard: https://t.co/28TDZ6JFiD pic.twitter.com/0w3fHYkXim
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%.
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