Popular meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a stunning spike in the key metric of whale activity, as IntoTheBlock reports that the amount of large transactions involving SHIB has skyrocketed by over 100% in the last 24 hours.
The volume of transactions over $100,000 has risen to 4.15 trillion SHIB - a gain of over 2.16 trillion tokens. In dollar terms, this surge was characterized by gains of $36.06 million, and the total volume in the last day alone was $70.31 million.
Arman Shirinyan
In total, there were 110 such large transactions. This means that, on average, a single large transaction contained 37.73 billion SHIB or $639,181 - 6.4 times higher than the norm.
What's the sentiment, though?
While this metric provides a glimpse into the whale activity behind the scenes of the cryptocurrency market, it does not give a true indication of the sentiment of the big players. To see that, we turn to the large holder netflow statistic, which tracks the net sum of inflows and outflows from wallets holding no less than 0.1% of the token's outstanding supply.
During the period under review, the amount of inflows minus outflows related to these addresses totaled 57.07 billion SHIB, which is 84.4% higher than the day before. Breaking this figure down, the inflow of Shiba Inu tokens into the wallets of whales was 1.67 trillion SHIB, while the outflow was 1.62 trillion.
Godfrey BenjaminSo, basically, whales are bullish on SHIB, at least today. Are you?
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov