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Shiba Inu Price Recovers from Lows, SHIB Daily Large Transactions Increase by 261%

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Tue, 05/10/2022 - 12:33
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Tomiwabold Olajide
Large transaction spikes are frequently associated with increased activity from institutional players
Shiba Inu Price Recovers from Lows, SHIB Daily Large Transactions Increase by 261%
Cover image via stock.adobe.com

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Per IntoTheBlock data, Shiba Inu whales have been increasingly active in the previous 24 hours, with a 261% increase in large transactions. Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling.

IntoTheBlock
Shiba Inu's Large Transaction, Courtesy: IntoTheBlock

These transactions exceed $100,000 moved, according to IntoTheBlock. Shiba Inu is up 25% on its daily chart at a present price of $0.0000174.

WhaleStats' analysis of the top 100 Shiba Inu holders reflects a 50% spike in SHIB active addresses as crypto whales purchased billions of Shiba Inu in recent hours, leading to a massive increase in the number of large transactions and positive price action. In the last 24 hours, two large Shiba Inu purchases have been reported by WhaleStats.

WhaleStats
Top Ten Purchased Tokens, Courtesy: WhaleStats

In recent hours, ETH whale "BlueWhale0073," ranked 222nd on WhaleStats, bought 311,816,880,855 SHIB valued at $4,801,979. Earlier, the blockchain data tracker reported on ETH whale "Bombur" adding 60,606,002,938 SHIB worth $1,004,847 to his holdings.

Shiba Inu is also back on the list of the top 10 purchased tokens by the top ETH whales.

SHIB price action

TradingView
SHIB/USD Daily Chart, Image Credit: TradingView

Shiba Inu is posting a rebound after dipping to lows of $0.00001347 on May 10. At the time of publication, SHIB was trading at $0.0000178 after setting intraday highs at $0.00001788. Shiba Inu met significant support at the $0.0000134 level, which halted the declines as the RSI entered oversold conditions.

The relief rally comes as SHIB suffered significant losses during the prior day, dipping as much as 20%. Despite the recent plunge, Shiba Inu holders continue to increase. According to WhaleStats, the total number of SHIB holders is currently 1,146,848.

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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.