Shiba Inu (SHIB) Whales Waking up, Data Shows

Tue, 03/14/2023 - 12:57
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Shiba Inu, a meme-inspired cryptocurrency, has recently seen a significant increase in its average transaction size, rising by almost 50%. This sudden increase in average transaction size could be an indicator of the growing activity of SHIB whales that is pushing large quantities of tokens, potentially driving up demand for the cryptocurrency.

Currently, the average transaction size on the Shiba Inu network stands at around $11,000. This is a notable increase from previous levels, which hovered around $7,000. The sudden rise in transaction size suggests that large players, such as whales, are becoming more active on the network and pushing up demand for SHIB tokens.

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However, it is worth noting that this increase in transaction size does not necessarily mean that only small or medium transactions are present on the network. In fact, the rapid spike in the size of average transactions is an indicator of the rising activity of whales who hold more than $1 million worth of SHIB.

Shiba Inu has been gaining significant popularity in recent months, fueled by social media hype and a growing interest in meme-inspired cryptocurrencies. The cryptocurrency's market capitalization has risen significantly in the past few weeks, with a current value of over $6 billion.

The increase in average transaction size could be a sign that investors are becoming more confident in the future of SHIB and are willing to invest larger amounts of money into the cryptocurrency.

The rise in average transaction size comes at a time when the overall cryptocurrency market is experiencing a period of growth and increasing activity. Bitcoin and other major cryptocurrencies have seen significant price gains in recent days following the usage of Binance's recovery fund and the start of the FED's lending policy.