Main navigation

Shiba Inu (SHIB) Whale Activity up 48%, Here's How Much Was Moved

Mon, 09/18/2023 - 08:23
article image
Godfrey Benjamin
Shiba Inu has seen remarkable jump in its whale activities in hopes of printing bullish recovery
Shiba Inu (SHIB) Whale Activity up 48%, Here's How Much Was Moved
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Shiba Inu (SHIB) is seeing the reversal of most of the gains it accrued last week as the general market momentum is turning partly bearish. At the time of writing, Shiba Inu is changing hands at a price of $0.000007252 after shedding 1.04% of its gains in a major display of resilience compared to other altcoins.

Shiba Inu (SHIB) Profitability Is Finally Back at Double-Digit Level

While its major price metric appears to be bearish, Shiba Inu has a promising outlook as concerns the activities of the whales within the ecosystem. The whale activity is currently up by 48%, according to data from crypto analytics platform IntoTheBlock (ITB). Per the exact data shared, the total number of large transactions recorded on the Shiba Inu protocol surged from 11 on Sept. 9 to 31 at the time of writing.

SHIB Large Transaction Chart. Source: IntoTheBlock

This large transaction is defined as those involving at least a monetary value of $100,000. For the 31 whale transactions, a cumulative sum of $10.96 million was notably moved. This significant jump has also contributed to the growth in the overall trading volume of the meme coin ecosystem, as measured by CoinMarketCap.

Per the current data, the trading volume has jumped as high as 22.78%, with a volume worth $72.6 million exchanging hands overnight.

Over Half Billion SHIB Burned in Quiet Shiba Inu Week: Details

SHIB fundamental essentials

In a bid to revive its growth trends, Shiba Inu buyers may have to capitalize on the observable growth triggers, such as whale and retail buyers, as well as the growing metrics on the Shibarium protocol.

With growth in the total transactions on Shibarium as well as a surge in total wallet addresses, Shiba Inu adoption appears to be integrated on all fronts. With this embrace, we might expect to see increased demand that can ultimately fuel a revival in SHIB's price in the short to long run.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.