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The last 24 hours have been marked by some unusual activity behind the scenes of the popular meme-inspired cryptocurrency Shiba Inu (SHIB).
According to data from IntoTheBlock, the main indicator of whale activity for the Shiba Inu token has spiked more than 81% in the last 24 hours. As a result, the volume of large transactions of at least $100,000 has surpassed 2.1 trillion SHIB. Translated into money, the metric reached almost $30 million in the past day.
Alex DovbnyaIn total, there were 66 such large transactions, which means that the average volume transacted by a Shiba Inu whale in the last 24 hours was 32.12 billion SHIB, or about $460,000.
This is higher than the usual standards and may indicate that really big players are throwing their weight around the Shiba Inu market.
Shiba Inu (SHIB) price outlook
In the midst of these on-chain disruptions, the price of the 13th largest cryptocurrency has risen by almost 5.2%, continuing the trend that started at the beginning of the week. In total, the price of SHIB has increased by 8.23% from Monday to now.
It is no coincidence that the price increase of the Shiba Inu token coincides with an increase in whale activity. While the fact of whales appearing does not indicate their sentiment at all, as they can be bearish or bullish, the increase in volume is clearly about attention to the cryptocurrency.
Gamza KhanzadaevAttention and its flow is probably the most important thing on the crypto market. As this continues, we can expect to see more volatility in SHIB's quotes, and where there's volatility, there's dramatic and epic price action.
Alex Dovbnya
Dan Burgin
Vladislav Sopov