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Shiba Inu (SHIB) has registered large transactions in the ecosystem, recording a leap of 173% within the last 24 hours. According to IntoTheBlock data, SHIB has recorded increased transactions as whale traders move SHIB amid the dynamic market trend.
1.3 trillion Shiba Inu traded in one day
Notably, 1.31 trillion SHIB have been transacted, worth about $15,589,000 within 24 hours. Within the last seven days, total large transactions hit 1.54 trillion SHIB as investors continue trading the meme coin.
This signals interest in SHIB, as these large transactions refer to trades of $100,000 or more. The uptick in these kinds of transactions will interest market participants and investors, as it suggests portfolio rearrangement ahead of a possible rally.
Arman ShirinyanHowever, SHIB continues to experience price fluctuations despite its recent 6.97% jump in the last seven days.
As of press time, the SHIB price was changing hands at $0.00001192, a 2.75% drop in the last 24 hours. This decline might have been caused by decreasing investor interest following instability in price. Within the same time frame, trading volume has dropped by 17.73% to $151.49 million.
With the recent spike in large transactions, market watchers might consider committing funds as the meme coin teases a possible rebound.
Key SHIB performance metrics raise concerns
Investors' recent pullback could have been triggered by SHIB's performance, which recently led to it dropping one place in the rankings. SHIB, which previously ranked 16th in terms of market capitalization, has been edged out by Hedera (HBAR).
Yuri MolchanAlthough the difference in market capitalization is less than $100 million, it was enough to push SHIB to 17th place.
Additionally, some community members have not been impressed by the ecosystem's deflationary moves. As reported by U.Today, the Shiba Inu burn rate recently crashed to record low levels. The daily burn rate dropped by a massive 95%, resulting in the burn of only 964,000 SHIB tokens.
Vladislav Sopov
Dan Burgin