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Shiba Inu Returns as One of Most Purchased Tokens as Whale Transactions Spike 68%

Wed, 05/11/2022 - 15:45
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Tomiwabold Olajide
These transactions surpass $100,000 transferred, according to IntoTheBlock
Shiba Inu Returns as One of Most Purchased Tokens as Whale Transactions Spike 68%
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According to IntoTheBlock data, Shiba Inu's large transactions have increased by nearly 68% in the last 24 hours. Large transaction spikes are usually linked with rising activity from institutional players, or whales, who are either buying or selling. These transactions surpass $100,000 transferred, according to IntoTheBlock.

Shiba Inu posted a rebound on May 10 as whales or large holders scurried to buy the dip amid its drop to lows of $0.000013 during the May 9 cryptomarket carnage. This subsequently led to Shiba Inu ranking as the eighth most purchased asset by the top 500 ETH whales, as reported earlier by WhaleStats.

The blockchain data tracker reports on ETH whale "BlueWhale0073" buying 191,883,317,886 SHIB, valued at $3,098,915, within the last 24 hours.

The situation seems to be different for the top 100 ETH whales as SHIB appears to have relinquished this position to Synthetix (SNX). Shiba Inu's price tumbled in a fresh market selloff on May 11 to attain lows of $0.0000112, so it seems that the top whales may be looking for a comfortable entry point in the buying market.

Shiba Inu, however, remains the top holding for the top 1,000 ETH wallets, as these whales hold $898,934,389 SHIB collectively. Shiba Inu is attempting a rebound after dipping to intraday lows of $0.000011.

At the time of publication, SHIB was trading at $0.000014, still down 14.8% in the last 24 hours per CoinMarketCap data. Despite the recent plunge, Shiba Inu continues to attract more holders. According to WhaleStats, the total number of SHIB holders is currently 1,148,721, representing an increase of over 9,000 holders since the start of May.

As stated in an official Shiba Inu blog post, Shiba Inu's main financial components, Shibarium, SHI and SHIBFE, are presently in development and are nearing completion. Shiba Inu lead developer Shytoshi Kusama states in the blog post, "I refuse to give any hard dates at this time, but I expect to see one or multiple of these technologies before the end of summer or very early fall."

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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.