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Shiba Inu (SHIB) Sees 2,180% Spike in Whale Transactions, What's Going On?

Tue, 09/05/2023 - 10:59
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Tomiwabold Olajide
Shiba Inu whales making moves on market
Shiba Inu (SHIB) Sees 2,180% Spike in Whale Transactions, What's Going On?
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Shiba Inu whales, or large holders, are making moves on the market, with SHIB experiencing a startling 2,182% increase in large transaction volume.

According to IntoTheBlock data, the last 24 hours saw a staggering 8.97 trillion SHIB in large transaction volume, representing a 2,182% increase.

The 8.97 trillion SHIB seen in large transaction volume on Sept. 4 was likewise the largest in the last seven days.

By definition, large transactions refer to those above $100,000 in value, and their volume provides an idea of the total amount transacted by whales and institutional players on a given day.

Spikes in large transaction volume frequently indicate high activity among institutional players or whales, either buying or selling.

The previous day saw a transfer of 4,615,530,677,374 SHIB worth $35,694,206 from Netherlands-based staking platform Bitvavo to an unknown wallet, according to WhaleAlert.

This is evident in large holders' inflows, which are up 1,512% as a result of yesterday's enormous SHIB move. At the time of writing, SHIB was down 2.51% in the last 24 hours to $0.00000753.

Shiba Inu's new developments

Large holders, or whales, generally react to market developments by transferring their funds in or out. Shiba Inu developer Kaal Dhairya informed the community about new advancements at the start of the week.

Shiba Inu Whales Buy 6.5 Trillion SHIB Day After Shibarium Launch

In an impressive move, Shibariumscan now offers a hosted version of Blockscout Explorer. This allows the Shiba Inu protocol team to focus on the network and its updates, while the Blockscout team guarantees the explorer is up and running and the chain is fully indexed.

Shiba Inu is also hinting at a collaboration with a slew of third-party bridges to help bridge many other tokens into Shibarium. Also, preparations to renounce the Bone contract are in the works this week, and more validators will be added to the network.

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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.