As a seasoned researcher who has tracked the cryptocurrency market for over a decade now, I’ve seen my fair share of twists and turns – but the recent whale activity surrounding Shiba Inu (SHIB) is truly intriguing. The increase in large transactions involving SHIB, as reported by IntoTheBlock, is a clear indication that something is brewing within the meme token’s on-chain ecosystem.
Once more, there’s a new turn of events concerning the well-known meme-based cryptocurrency, Shiba Inu (SHIB). Notably, there’s been a surge in whale activity behind the scenes on the Shiba Inu blockchain.
Notably, significant transactions involving the meme token Shiba Inu (SHIB) have escalated recently. According to IntoTheBlock, whales have transferred over 1.62 trillion SHIB in the last 24 hours, which equates to a monetary increase from approximately $14.94 million to $22.21 million.
Yesterday, approximately 58 transactions worth at least $100,000 were recorded. The total amount transacted suggests an average transaction size of roughly 27.93 billion SHIB, which is equivalent to around $382,931. This implies that the typical large Shiba Inu token transaction from yesterday was nearly four times bigger than the usual.
The catch
The issue lies in the predominant direction these tokens were traveling. To get a different perspective, we can examine Large Holder Netflow, which illustrates the shift between incoming and outgoing Shiba Inu tokens within large holders’ wallets. Over the last 24 hours, this metric has moved into the negative range, showing a decrease from 176.79 billion SHIB to -200 billion SHIB.
Examining further details, we observe a significant rise of 74.8% in SHIB being sent out from large wallets, while there was a decrease of 43.85% in incoming SHIB. This suggests that Shiba Inu whales have been more active in disposing of tokens rather than acquiring them.
Time will tell us how the development of SHIB‘s price will unfold, as well as whether this pattern of holding by major investors will persist or not.
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2024-09-15 16:11