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Strange things are happening behind the scenes of the popular meme-inspired cryptocurrency Shiba Inu (SHIB), as a key metric that characterizes whale activity suddenly spiked by over 240%.
According to data provided by IntoTheBlock, the Large Transactions Volume stat has shown a surge from 326.98 billion SHIB to 781.4 billion SHIB in the past 24 hours. It is worth noting that only transactions of at least $100,000 made the cut - there were 45 of them in the period under review.
Translating this data into dollar value, large holders' transaction volume jumped from $4.61 million to $10.47 million over the past day.
Under the radar
Clearly, there is a spike in activity from the largest participants, with a particular emphasis on the Shiba Inu token.
U.Today also reported on this yesterday, when the price and volume of SHIB skyrocketed by 5% in a short period of time, driven by increased buying. Such bursts of activity by large investors can also be seen on the price chart of the 13th largest cryptocurrency.
Godfrey Benjamin
Today, the price of SHIB is up more than 4.3%, which can be interpreted as a result of whale buying in the last 24 hours, with the token once again breaking above $0.000014.
Whether this trend will continue and where it will take the price of Shiba Inu is an open question.
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin