As an experienced analyst, I see the recent price performance and on-chain data of Shiba Inu as a positive sign. The large transfers, which are not tied to selling operations, indicate internal fund redistribution among major holders. This is a good indication that the market sentiment towards SHIB is improving.
Shiba Inu’s huge investors are gradually becoming more active after the asset recovered from its sluggish phase, displaying bullish price movements over the past few days. Fortunately, these significant transfers aren’t associated with any selling activities but rather likely part of internal fund reallocation processes. We will examine the most recent and pertinent on-chain information for further insights.
Over the past day, there have been two substantial Shiba Inu transfers amounting to roughly 3.5 trillion SHIB. The initial transfer moved three trillion SHIB, equivalent to around $74.79 million, from one Robinhood wallet to another. Following this, approximately 495.646 billion SHIB, valued at nearly $12.65 million, were transferred between two unidentified wallets. These notable transactions suggest internal rearrangements rather than disposals, implying a favorable situation for the market.
Large transactions have seen a considerable surge in the past 24 hours, with a total of 281 such transactions taking place. This represents a seven-day peak in large transactions, indicating heightened activity among significant investors. Although these transactions haven’t resulted in a noticeable price decrease yet, their internal nature suggests they might be reallocations rather than sell-offs.
As a researcher studying transaction patterns in SHIB, I’ve noticed a significant increase in large transactions. In just the past 24 hours, the cumulative volume of these transactions amounted to an impressive 5.41 trillion SHIB. This is in stark contrast to the seven-day low of only 415.2 billion SHib. The surge in transaction volume suggests that whale activity has been a significant contributing factor.
Although there’s been a surge in activity on the Shiba Inu network recently, certain statistics suggest weaknesses. For example, the total number of transactions on the network has remained fairly constant and not exceptionally large. This implies that while whale involvement is on the rise, retail participation might not be as robust.
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2024-05-16 17:04