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Shiba Inu (SHIB) Whales Waking Up Into New Month as This Metric Spikes 228%

Sat, 04/01/2023 - 10:50
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Tomiwabold Olajide
Shiba Inu (SHIB) whale activity metric jumps 228% as price braces new move
Shiba Inu (SHIB) Whales Waking Up Into New Month as This Metric Spikes 228%
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Shiba Inu whales seem to be awakening; a key metric that often gives an inkling of the actions of these large holders has soared 228% in the last 24 hours.

According to the on-chain analytics firm IntoTheBlock, large transactions on the Shiba Inu network in the last 24 hours totaled $36.45 million, which represents an increase of 228.64%.

Large transactions are those exceeding $100,000, and a spike in this metric might be due to a large quantity of buying or selling by whales or institutional holders.

Oftentimes, a move in the price of Shiba Inu has coincided with a significant spike in this metric.

Shiba Inu seems to kick off April on the right foot after closing March down by 9.83%. At the time of writing, Shiba Inu was up 2.60% in the last 24 hours at $0.00001084.

According to CoinMarketCap data, a whopping 17,603,658,210,868 (17.6 trillion) SHIB worth $190,816,713 was swapped in the last 24 hours. Shiba Inu's 24-hour trading volume was up nearly 21% at the time of writing.

6.78 billion SHIB burned in March

According to the Shibburn Twitter account, a whopping 6,782,788,547 SHIB tokens were burned in March with 540 transactions.

In the last 24 hours, a total of 149,313,637 SHIB tokens were burned and eight transactions were made.

834 Million SHIB Sent to Dead Wallets in Week, Shiba Inu Burn Rate Up 127%

In the past month as well, SHIB long-term holders rose to the highest level since the project's inception. IntoTheBlock data gives the percentage of long-term holders, which refers to "hodlers," or those that have held for more than a year, as 67%.

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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.