Shiba Inu Whale Volumes Sees Drastic Increase, What’s Driving It?

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As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). The surge in large transactions and the subsequent increase in its price are striking, especially given the bearish sentiment that has gripped the broader crypto market.

Although the crypto market appears less promising due to Bitcoin dropping below $50,000, it seems Shiba Inu (SHIB) investors are bucking the trend. Despite the overall volatility and substantial sell-offs in the market, there has been a notable surge in large transactions for this dog-themed cryptocurrency over the past 24 hours.

As an analyst, I’ve observed an intriguing pattern concerning Shiba Inu that I’ve noted using data from IntoTheBlock, a reliable on-chain analytics platform. Particularly captivating is the ‘Large Transaction Volume’ indicator, which has experienced a significant 34.5% increase in the past 24 hours. Over the course of September alone, this metric has skyrocketed by an impressive 266.5%, hinting at a surge in large-scale investor interest in SHIB.

Shiba Inu Whale Volume Increases Drastically

According to IntoTheBlock, there’s been a significant rise in large Shiba Inu (SHIB) transactions, specifically those worth $100,000 or more, since September began. This trend suggests that the total value of these sizeable trades has exceeded 2.65 trillion SHIB within the last 24 hours, equating to around $35.9 million.

This fact stands out because the significant sell-off of SHIB by ‘whales’ (large investors) set the tone for September with a bearish (negative) mood. Based on data, large SHIB transactions went from moving 3.52 trillion SHIB on August 30 to only 723 billion SHIB on September 1. This decrease demonstrates the prevailing pessimism among major SHIB holders during that period. Typically, a decrease in whale activity suggests a decline in confidence, as these investors tend to reduce their involvement when they are uncertain about a digital asset’s value.

Recently, there seems to be a change in feelings, as there appears to be renewed enthusiasm among major SHIB owners within the last 24 hours. This surge in action might not necessarily mean buying, it could also be selling. However, the concurrent rise in SHIB’s price during this period hints more towards accumulation by some substantial investors rather than them offloading their holdings.

Shiba Inu Whale Volumes Sees Drastic Increase, What’s Driving It?

What’s Driving The Increase?

It isn’t clear what could be causing the rise in whale activity within the whale population, as there haven’t been any significant positive factors in the market recently. However, a significant event worth mentioning is the burning of 96 million SHIB tokens in a single transaction, which has garnered attention throughout the community. Even Justin Sun, the creator of Tron, acknowledged the effectiveness of Shiba Inu’s token-burning process.

Lately, the Shiba Inu Decentralized Autonomous Organization (DAO) has wrapped up a ballot on how to allocate resources for the system’s environment. The completion of this vote underscores the autonomous and community-oriented character of the Shiba Inu ecosystem, which probably raises investor trust.

Another factor that may be contributing to the positive sentiment is the launch of “Agent Shiboshi,” a new game developed within the Shiba Inu ecosystem on the iOS platform. At the time of writing, SHIB is trading at $0.0000135 and is up by 2% in the past 24 hours.

Shiba Inu Whale Volumes Sees Drastic Increase, What’s Driving It?

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2024-09-06 09:41