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Shiba Inu Whales Scoop up 5.58 Trillion SHIB in Single Day

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Wed, 22/05/2024 - 10:37
Shiba Inu Whales Scoop up 5.58 Trillion SHIB in Single Day
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Shiba Inu (SHIB) whales have continued their heavy accumulation of digital currency. According to data from the crypto analytics platform IntoTheBlock, large whale transactions come in at 73.72% within a 24-hour period. Per the data shared, a total of 327 large transactions were recorded in 24 hours, setting SHIB on an ambitious growth course.

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SHIB Large Transaction Chart. Source: IntoTheBlock

In actual volume, a total of 5.58 trillion SHIB was acquired by Shiba Inu whales in 24 hours. This SHIB volume is worth a total of $145.48 million, placing Shiba Inu among the most traded tokens by whales thus far this week. 

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With whale transactions tagged as those with a monetary value of at least $100,000, the attractiveness of Shiba Inu has continued to grow. With more than 5.5 trillion tokens scooped up, the supply crunch introduced into the ecosystem might help sustain the bull rally it has printed in the past few days.

However, the entire Shib Inu protocol, as reported earlier by U.Today, paints a problematic picture. After soaring as high as 10% in a single day, jumping above the 50-day EMA, the failure of SHIB’s price to continue the rally, according to numerous data, shows concerns.

At the time of writing, Shiba Inu is priced at $0.00002612, up by 2.72% in the past 24 hours. Shiba Inu has been making a frantic effort to soar above the current price range and possibly break toward the $0.00007 high. These efforts have been backed by the intense deflationary push through its burn rate and aggressive Shibarium transaction growth.

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With these apparent efforts, Shiba Inu is arguably moving in tandem with the broader market. It is following the slower pace of the combined market to chart its growth course. However, there are expectations that the token will print a breakout in the long term.

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