Shiba Inu (SHIB) Hits Almost 2 Trillion in 24 Hours: What’s Going On?

by

As a seasoned crypto investor with a knack for deciphering market trends, I must admit that the recent spike in Shiba Inu (SHIB) whale activity has piqued my interest. With over two decades of experience under my belt, I’ve seen countless market fluctuations and learned to read between the lines.

Over the last day, there’s been some uncommon action happening backstage with the trendy meme-based cryptocurrency, Shiba Inu (SHIB)

According to IntoTheBlock data, there’s been a substantial rise in whale activity over the last day, particularly with the Shiba Inu token. The large transaction volume associated with this token has surged by more than 282.8%, amounting to approximately 1.97 trillion SHIB transactions worth $100,000 or more. This translates to a massive $25.81 million in value traded yesterday

Shiba Inu (SHIB) Hits Almost 2 Trillion in 24 Hours: What's Going On?

To summarize, a total of 45 significant transactions were made over the past 24 hours by Shiba Inu whales, with an average value of approximately 43.77 billion SHIB per transaction, equivalent to around $574,700. This represents a fivefold increase compared to typical volumes, suggesting that large investors might be actively entering the Shiba Inu market, potentially signaling increased interest

Why now?

It’s reasonable to pose this query, as the unusual progression of the Shiba Inu price over the last 24 hours, as shown by its chart, might offer some insights or explanations

Yesterday, with the crypto market experiencing a steep decline, the SHIB token dropped by 5.99% from its opening price. This drop brought the quotes for the meme cryptocurrency to their lowest point since early August, at approximately $0.0000124

Shiba Inu (SHIB) Hits Almost 2 Trillion in 24 Hours: What's Going On?

Consequently, the dip in the price was quickly reversed, causing the Shiba Inu token’s value to revert to $0.000013. This suggests a significant increase in large transactions might have taken place during that exact dip, followed by another buying action

Read More

2024-09-04 19:05