As a seasoned crypto investor with a keen eye for on-chain data, I find the recent SHiba Inu (SHIB) trend intriguing. The surge in whale transactions, as revealed by IntoTheBlock’s statistics, initially seemed like a positive sign. However, upon closer inspection, the situation appears to be more complex.
According to recent data from IntoTheBlock, it appears that large SHIB cryptocurrency investors may not possess the legendary patience of “diamond hands.” To clarify, let’s start by explaining the term “diamond hands.” It refers to investors who are known for their unwavering commitment to holding onto their investments despite market volatility. However, a fresh analysis of on-chain data indicates that major SHIB investors might not be adhering to this approach.
As a researcher studying cryptocurrency trends, I’ve noticed an unexpected surge in large transactions involving SHIB over the past 24 hours. This finding is noteworthy since weekend activity in the crypto market tends to be relatively stable, and summertime often sees even less volatility.
I’ve analyzed the data and found that the number of transactions involving the Shiba Inu token exceeding $100,000 saw a significant surge. This jump translated to an increase in transaction volume from $13.45 million to $19.34 million. In terms of SHIB tokens, this equated to a rise from 747.97 billion to 1.11 trillion.
Over the past day, a total of 54 significant transactions involving the well-known meme cryptocurrency and whales occurred.
The catch
While it appears promising on the surface – the increase in whale activity and Shib being a topic of interest for major players – the situation may not be as favorable as it seems.
As an analyst, I’d like to draw your attention to the Large Holders Netflow indicator in our current analysis. Over the past 24 hours, this metric has shown a decrease of approximately 392.72 billion SHIB tokens or equivalent to around $6.66 million. These tokens have been transferred out from wallets that hold at least 0.1% of the massive SHIB supply.
Most large Shiba Inu token transactions conducted by whales were actually withdrawals from their digital wallets, implying that they may not be confident in keeping their SHIB tokens given the present market situation. This does not necessarily mean that these tokens were instantly sold off; rather, it suggests uncertainty among major players regarding the current market conditions.
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2024-06-24 11:32