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Shiba Inu (SHIB) Whales on Major Move as Transactions Jump 383%

Tue, 07/11/2023 - 15:29
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Tomiwabold Olajide
Shiba Inu ecosystem continues to receive attention
Shiba Inu (SHIB) Whales on Major Move as Transactions Jump 383%
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Shiba Inu whales seem to be awakening, as seen in a massive surge in large transaction volume. Per IntoTheBlock data, Shiba Inu's large transaction volume was up a whopping 383% in the last 24 hours, amounting to $22.71 million.

Notably, the last 24 hours saw three trillion SHIB, accounting for the large transaction volume.

The Large Transactions Volume Indicator gives an inkling of the total amount transacted by whales and institutional participants on a given day. Spikes often suggest that institutional players, or whales, are aggressively buying or selling.

It is worth noting that large transactions are classified by IntoTheBlock as transfers of more than $100,000. In this respect, large transaction volume reached a seven-day high on July 7, with 6.36 trillion SHIB transacted.

This occurs as the Shiba Inu ecosystem continues to receive attention as the Layer 2 Shibarium mainnet launch nears.

SHIB, LEASH Lead Pack in CMC Trends, Here's Reason

As reported, DogeKiller (LEASH) and Shiba Inu (SHIB), two tokens from the Shiba Inu ecosystem, took the lead in CoinMarketCap's (CMC) list of the most trending cryptocurrencies.

Shiba Inu lead sparks curiosity with new Twitter location

Shiba Inu lead Shytoshi Kusama has changed his Twitter location to the U.S., sparking curiosity in the community. This is because Kusama usually communicates the latest developments in the Shiba Inu ecosystem with updates in his Twitter bio and sometimes his location.

The Shiba Inu lead changed his location to Denham Springs, a city in the American state of Louisiana, while his Twitter bio reads, "Enjoying the Summer of Shibarium."

Kuro, a Shiba Inu Japan community member, has drawn attention to the Twitter update made by the Shiba Inu lead in a tweet.

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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.