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Shiba Inu (SHIB) Whale Activity Jumps 987%; Here's What Was Moved

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Sat, 21/10/2023 - 10:00
Shiba Inu (SHIB) Whale Activity Jumps 987%; Here's What Was Moved
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A key indicator that suggests whale activity is up a whopping 987% for Shiba Inu (SHIB), per IntoTheBlock data.

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Large transaction volume, an indicator that measures the aggregate amount transferred in large transactions, i.e., those above $100,000, is showing a 987% spike for Shiba Inu.

According to IntoTheBlock daily data, $70.73 million accounted for large transaction volumes in the last 24 hours.

A relevant indicator, large transaction volume, provides an estimate of the total amount transacted by whales on a particular day.

Increases in large transaction volumes might indicate increased activity by whales, either buying or selling. A total of 10.23 trillion SHIB was shifted in the last 24 hours, which coincidentally is the highest moved in the last seven days.

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Shiba Inu (SHIB) Undersold per This Indicator

Contributing to the spike in large transactions was a massive shift of 4,554,030,677,374 SHIB tokens worth $31,520,723 on Oct. 20.

Transactions volumes increase

Shiba Inu observed a massive increase in transaction volume, rising from 2.55 trillion SHIB on Oct. 19 to 11.48 trillion SHIB on Oct. 20. Transaction volume is the total volume of transactions recorded on-chain.

Transaction volumes can be used to identify reversals and breakouts. A spike in this statistic could indicate both panic selling by holders and major investors buying despite the uncertainty.

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Shiba Inu (SHIB) Triggers 388% Spike in Whale Activity, What to Watch

SHIB was up slightly in the last 24 hours to $0.00000697 at the time of writing. The crypto coin is up 0.07% for the week as bulls try to hold on to their gains after a two-day upward run.

SHIB recovered on Oct. 19 after hitting lows of $0.00000687 and would be set to close its third consecutive day of gains if the price closes in the green today.

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