Dog-themed cryptocurrency Shiba Inu has seen a 422% surge in whale transaction volume, the largest in nearly a year.
According to IntoTheBlock data, the large transaction volume for Shiba Inu, which indicates whale activity, whether buying or selling, has increased by 422.58%. This equates to $374.98 million in monetary terms and a staggering 28 trillion SHIB in cryptocurrency terms. This is the highest in the last seven days.
Notably, Shiba Inu has reached a yearly high for large transaction volume, with 28 trillion SHIB recorded in the last 24 hours. A large transaction volume of this magnitude was last seen in March 2023.
The surge in whale activity is reflected in other indicators such as large holder inflows, which are up 15,593%, and large holder netflows, which are up 5,470%. Large-holder outflows increased by 11,508%, nearly matching inflows.
In general, large holders' inflows indicate robust buying activity, whereas outflows indicate funds leaving whale addresses. Outflows are common during periods of high volatility because large holders are more likely to sell assets to cover loans and avoid liquidation.
A positive 5,470% surge in large holders' netflow for Shiba Inu shows that inflows outweigh outflows and can be attributed to whales accumulating.
Shiba Inu prices skyrocketed on Feb. 29, rising nearly 35% from lows of $0.00001145 to $0.00001475. The bulls had consolidated in a six-day rally, propelling the SHIB price to highs last seen in February 2023.
Although Shiba Inu has fallen from its peak, the dog token remains 39% higher weekly. At the time of writing, SHIB had dropped 3.54% in the previous 24 hours to $0.0000131.
In good news, blockchain wallet Tangem has announced the successful integration of Shiba Inu layer-2 Shibarium into the Tangem cold wallet.