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Shiba Inu Large Transactions Rose 880% as SHIB Saw Buying Pressure: Details

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Wed, 06/22/2022 - 11:50
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Tomiwabold Olajide
Shiba Inu was trading at $0.00001 at time of publication
Shiba Inu Large Transactions Rose 880% as SHIB Saw Buying Pressure: Details
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Shiba Inu faced buying pressure as its price surged more than 45% to attain highs of $0.000012 on June 21.

According to IntoTheBlock data, Shiba Inu whales, or large holders, got into the action as large transactions rose 888% in the last 24 hours. Large transaction surges are typically linked to increased activity from whales, who are either buying or selling, and a transaction is generally more than $100,000.

WhaleStats' analysis of the top 100 Shiba Inu holders also reflected a 16.67% spike in active addresses as crypto whales interacted with billions of Shiba Inu, leading to an increase in the number of large transactions. Whales' trading volumes and average shib value rose by 27.78% and 17.94%, respectively, in the last 24 hours.

According to CoinMarketCap, Shiba Inu was trading at $0.00001 at the time of publication, still up 8.81% in the last 24 hours and 28.79% in the past week. At press time, Shiba Inu remained one of the few assets that traded in the green at press time as Bitcoin and the majority of altcoins faced another rout amid growing recession fears.

The recent rise, though not triggered by any major catalyst, stands out as Shiba Inu holders might have drawn inspiration from Shiba Inu lead developer Shytoshi Kusama's reassuring remarks. In a June 18 thread of tweets, he wrote: "Lastly, things are moving quite well on all fronts and over the next few weeks you will begin to see the things we've been working on come to fruition at, what looks to be when Shib (and the world) needs it most."

94 million SHIB burned

According to the Shibburn Twitter handle, over 94,260,759 SHIB tokens have been burned in 16 transactions made over the last 24 hours. The shibburn website gives a total of 95,099,489 SHIB burned in the last 24 hours.

As previously reported, Swiss luxury watchmaker Hublot has stated that its newly released 200 limited-edition watches can now be bought online using cryptocurrencies such as Shiba Inu and other cryptocurrencies via BitPay. This means of payment is exclusively limited to customers of the Hublot United States eBoutique, it stated in a tweet.

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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.