As a seasoned crypto investor with years of experience under my belt, I find the recent surge in whale activity surrounding Shiba Inu (SHIB) intriguing. Having witnessed several market cycles, I can tell you that large transactions often signal big players making their moves. With an increase from $19.95 million to $20.81 million in just 24 hours and an average transaction size of $300,000 – three times the standard large transaction value according to IntoTheBlock’s methodology – it’s hard not to notice.
Based on information from the on-chain platform IntoTheBlock, there’s been a rise in significant investor activity involving the meme-inspired cryptocurrency Shiba Inu (SHIB). A closer look at the figures shows that the number of large SHIB transactions has grown by approximately 100 billion tokens over the past day. However, what stands out more is that these transactions amounted to a staggering 1.38 trillion SHIB in the last 24 hours.
By converting all these figures into dollars, we notice a rise from $19.95 million to approximately $20.81 million. In total, there were 69 significant transactions, implying that the average transaction size was about 20 billion SHIB, which is roughly equivalent to $300,000 each.
Following IntoTheBlock’s approach, transactions valued at least $100,000 are classified as large. At present, the typical transaction we observe exceeds this amount by about three times, indicating a substantial volume.
During this surge of large-scale transactions involving Shiba Inu tokens, their price behavior becomes clearer to interpret.
Shiba Inu (SHIB) price outlook
Over the past day, there was a significant increase in the value of the well-known meme-based cryptocurrency, SHIB. The surge caused the price to peak at approximately $0.000016. After this, there was a minor sell-off, but with only an 8% decrease, buyers regained interest and pushed the price slightly higher before it stabilized.
As an analyst, I’d observe such swift peaks as a significant increase in purchasing actions. When these surges occur at such speed over a short duration, it could indicate that major market players are involved. This notion is further strengthened by the escalated trading activity surrounding the Shiba Inu token.
It’s clear that both bulls and whales are closely monitoring Shiba Inu, as indicated by the on-chain data and the recent 14.12% surge in SHIB price over the past week. However, it remains to be seen how long this trend will continue. For now, with renewed activity, Shiba Inu is once again drawing attention.
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2024-08-26 16:30