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Shiba Inu (SHIB) Whales on Move as Transaction Volume Spikes 361%

Sat, 07/08/2023 - 12:37
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Tomiwabold Olajide
Large SHIB transactions hit 6.36 trillion in one day
Shiba Inu (SHIB) Whales on Move as Transaction Volume Spikes 361%
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Shiba Inu whales, or large holders, seem to be on a radical move, as reflected in the large transaction volume, which is up a massive 361.39% in the last 24 hours.

Shiba Inu's large transaction volume totaled $46.45 million the previous day. Shiba Inu's large transaction volume reached a seven-day high, according to IntoTheBlock data.

In the recent 24 hours, a staggering 6.36 trillion SHIB in large transaction volume was recorded. Surprisingly, this is the highest volume reached in the last seven days.

The Large Transactions Volume Indicator, according to IntoTheBlock, provides an idea of the total amount transacted by whales and institutional participants on a given day.

Large transaction volume spikes suggest that institutional players or whales are aggressively buying or selling. Large transactions are defined by IntoTheBlock as transfers of more than $100,000.

Is Shiba Inu's price poised for big move?

Massive spikes in large transactions have often impacted SHIB price movements in the past. Often, a surge in large transactions was a lead-up to Shiba Inu's next major price move.

Sometimes, a price surge coincided with a spike in large transactions. On the other hand, whales foreshadowed the ideal profit-taking moments when their large transactions exploded on the network.

The Shiba Inu price is currently eyeing a rebound after earlier declines in the week. July 7 saw a major price move, with the SHIB price attaining highs of $0.00000732.

At the time of writing, SHIB was up 1.53% in the last 24 hours to $0.0000073, being outperformed by ecosystem tokens BONE and LEASH.

767 Billion SHIB Shifted by Shiba Inu Large Holders as Volume Jumps 66%

Shibarium token BONE is presently up 31% in the last 24 hours to $1.45; Doge Killer (LEASH) was likewise up 11.30% to $342 in the same time frame.

Shytoshi Kusama, Shiba Inu lead, hinted at a possible debut date for Shibarium Layer 2 in a blog post earlier this week.

Shibarium's launch could contribute to Shiba Inu's solid fundamentals; this is already reflected in the BONE price, which has been on a tear in the last 24 hours.

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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.