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Shiba Inu (SHIB) Price Suddenly Turns Green as Whale Transactions Jump 56%

Tue, 01/31/2023 - 12:09
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Tomiwabold Olajide
Market traded lower in last 24 hours
Shiba Inu (SHIB) Price Suddenly Turns Green as Whale Transactions Jump 56%
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Shiba Inu's price suddenly turned green after trading to lows of $0.0000112 on Jan. 30.

At the time of publication, SHIB was up marginally in the last 24 hours at $0.0000116 after reaching intraday highs of $0.0000119. The market traded lower in the last 24 hours as traders awaited the Federal Reserve’s decision on interest rates Wednesday.

IntoTheBlock, an on-chain analytics firm, classifies large transactions as those that exceed $100,000. According to the blockchain data source, there were 67 large transactions in the past day, up 56% from the previous period.

A rise in this statistic could be the result of a significant amount of buying or selling by whales. Large transactions frequently provide a glimpse into the behavior of whales.

Whales or significant holders frequently take advantage of market losses or periods of consolidation to build up their portfolios at a discount.

As reported earlier, crypto data tracker WhaleStats reported that an ETH whale named "Boromir," ranking 168th among the biggest whales it tracks, bought a whopping 120,000,000,000 SHIB valued at $1,450,800 in one significant transaction.

Shiba Inu has a historical reputation for rallying alongside Dogecoin. DOGE is up 7% in the last 24 hours following reports that Twitter was planning to add support for crypto payments.

This, along with positive expectations regarding the blockchain, might help boost the SHIB price in the short to medium term.

SHIB seeks community participation in metaverse project

In a recent announcement, the official Shiba Inu Twitter account requested suggestions for a new tagline for the SHIB metaverse project, asking the community to select one of the three taglines that were posted alongside a tweet.

SHIB's Metaverse Issues Call to Action to Community, Here's What It Is

These are "unleash a new tomorrow," "unleash your dreams" and "build with the pack."

A total of 46.1% of respondents preferred the first tagline, "Unleash a new tomorrow." The voting is still ongoing.

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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.