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Shiba Inu's Profitability Spikes as Network Large Transactions Increase by 508%

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Wed, 13/04/2022 - 11:50
Shiba Inu's Profitability Spikes as Network Large Transactions Increase by 508%
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As per IntoTheBlock data, the profitability of the second-largest meme cryptocurrency, Shiba Inu (SHIB), has increased to 43% after dropping to 36% earlier. Shiba Inu (SHIB) was one of the biggest gainers on crypto markets on Tuesday, as Robinhood added the meme coin to its list of crypto offerings.

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IntoTheBlock
Shiba Inu's Profitability, Source: IntoTheBlock

Shiba Inu presently trades at $0.00002643 after reaching highs of $0.00003 on April 12. At the time of publication, SHIB has demonstrated growth in the past 24 hours, up 13.34%, and its price has increased by 3.33% over the past week.

IntoTheblock
Large Transactions, Courtesy: IntoTheBlock

Per IntoTheBlock data, Shiba Inu whales have been on their toes in the previous 24 hours, with a 508% increase in large transactions. Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling. These transactions exceed $100,000 moved, according to IntoTheBlock.

Anonymous whales purchased billions of Shiba Inu tokens amid the news of its Robinhood listing, leading to a massive increase in the number of large transactions and positive price action. In the last 24 hours, two large Shiba Inu purchases have been reported by WhaleStats.

In recent hours, ETH whale "Bombur," ranked 21st largest, added nearly 216 billion SHIB to his holdings in three transactions. The first transaction comprised 79,228,162,513 SHIB, or $2,171,643 worth, the second transaction was a purchase of 58,942,040,942 SHIB, or $1,615,601 worth, and the third one was of 79,228,162,513 SHIB, or $2,171,643 worth.

Prior to this, ETH whale "BlueWhale0073" had bought 775,473,150,952 SHIB, or $20,697,378 worth. Yesterday, the biggest whale on the Ethereum network, who holds a record-breaking amount of Shiba Inu tokens, purchased a moderate amount of tokens worth $6 million. In addition to a whale named "Light," other large investors were actively purchasing the token before the listing.

IntoTheblock analytics team reports a rise in the balance of addresses of SHIB hodlers by 57%. Since March, ''SHIB Hodlers remain unfazed and accumulated during the past weeks and it's paying off with today's Robinhood announcement. Addresses holding SHIB for more than 1yr increased their balance by 57% in just 30 days. They now hold 2.82% of the supply."

Shiba Inu has officially declared the launch of its SHIB: The metaverse lands. A Twitter user dedicated to the Shiba Inu community, @shibainuart, has recently shared details on a new utility for SHIB in SHIB: The Metaverse as the bid event starts. SHIB will be used to add pictures, and logos, to the land plots. The feature will also burn SHIB each time the pictures are changed.

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