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Shiba Inu (SHIB), a cryptocurrency that originally started as a meme, has seen a major spike in large transactions over the past 24 hours. According to data from leading blockchain analytics platform IntoTheBlock, the daily volume of large transactions in SHIB has increased by over 62%.
This brings the total volume of large transactions over the past day to 3.05 trillion SHIB, or $42.88 million in monetary terms.
Tomiwabold OlajideThe data for the metric only counts in transactions worth no less than $100,000 each. Since there were 82 of them, this means that the typical Shiba Inu whale transaction during this period was worth about 37.19 billion SHIB, or about $522,926.
If the average whale transaction in a 24-hour period is five times higher than the norm, making over half a million dollars, it can only mean that big investors are getting interested in the Shiba Inu market again.
Normally, such large fluctuations in on-chain activity are not unnoticed and serve as a harbinger of volatility and price disruption.
Shiba Inu (SHIB) price outlook
In the recent case of the Shiba Inu token, we have yet to see any significant changes. Nevertheless, the price of SHIB has managed to print some green candles in the last three days, with combined gains of 2.61%. As a popular meme goes, "It's not much, but it's honest work."
Yuri MolchanIf the whale activity continues with SHIB, the popular meme-inspired cryptocurrency will get its big move. The direction of that move, however, is a question that is worth waiting for an answer.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya