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Shiba Inu's Whale Transactions up 10%, Negate These Bearish Metrics

Tue, 08/01/2023 - 13:40
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Godfrey Benjamin
Shiba Inu has seen impressive growth in its weekly whale transaction count and volume
Shiba Inu's Whale Transactions up 10%, Negate These Bearish Metrics
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There is no doubt that the Shiba Inu (SHIB) ecosystem is one of the most robust around today with numerous metrics available to measure its relative growth trends. Data from crypto analytics platform IntoTheBlock (ITB) shows that the meme coin is seeing bullish momentum in its large transactions (or transactions of about $100,000), jumping close to 10% over the past week.

SHIB whales in action

Per the data gleaned from the page, SHIB whales have traded as much as $12.65 million in large transactions over the past week.

Close to 50 Billion SHIB Moved by Whales, Including Purchases, As Price Dips

A total of 45 transactions were recorded in the week-to-date (WTD) period. While the transaction volume in SHIB terms has deviated from its weekly high of 5.25 trillion SHIB, the milestones hit in the trailing seven-day period are evidence that interest in the protocol is being sustained.

These whale transactions have helped negate other Shiba Inu on-chain metrics that are falling below the bar at this time. One of these is the overall profitability among SHIB token holders. The ITB data revealed that as high as 73.32% of SHIB holders are out of the money, or in loss, at this time.

The obvious tradeoff in the Shiba Inu ecosystem is that the protocol has not achieved utopia despite its best efforts to return value to its community members.

SHIB's core milestone after three years

The Shiba Inu ecosystem is celebrating its third anniversary today as proponents recount the major successes and milestones that have been recorded since its inception.

522 Million SHIB Burned in 7 Days as Shibarium Pre-Launch Campaign Continues

One of the frontline milestones is the launch of Shibarium, the meme coin's Ethereum-based Layer 2 protocol. After months of operating on the testnet, Shibarium is finally set to go live on the mainnet this month, a milestone that will be the first of its kind in the nascent world of meme coins.

The Shibarium launch is being tipped as a gateway for Shiba Inu to reach its much-coveted promised land.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.