On-chain data presents a staggering perplexity surrounding Shiba Inu amidst the recent broader price decline previously three weeks. Interestingly, this on-chain data presents itself in the big transaction volume of SHIB tokens across the Shiba Inu network. In line with the newest on-chain data from IntoTheBlock, some serious Shiba Inu whales have been making waves over the past 24 hours.
IntoTheBlock’s large transaction volume measures the number and total value of transactions greater than $100,000. This metric, which has proven to be a great tool for tracking whale sentiment, shows that giant holders transferred 1.55 trillion SHIB tokens over the previous 24 hours.
Shiba Inu Whales Making Movements
Over the past few weeks, the meme cryptocurrency Shiba Inu (SHIB) has seen its price take a nosedive. The token recently crossed below $0.0000165, its lowest point for the reason that starting of March. This decline mirrors the broader bearish sentiment across many cryptocurrencies, most especially meme coins like SHIB.
Amid this downturn, blockchain data from ITB reveals some huge SHIB transactions from whale wallets. For instance, over 1.55 trillion Shiba Inu tokens (price around $26.6 million at the present price) qualified under the big transaction cohort previously 24 hours.
Moreover, dialling the transaction data backwards shows this wasn’t an isolated day of enormous transactions. On the time of writing, SHIB’s large transactions have totaled around $320.16 million previously seven days. Per the big transaction metric, 6.43 trillion SHIB were moved by large holders on June 24, the best in a 24-hour timeframe this week.
What Are The Whales Up To?
For average investors, SHIB whale transactions will be each promising and worrying. Crypto whales are investors who hold massive amounts of a specific cryptocurrency. They’ve enough capital to potentially influence market prices with their trading activity. Whales within the Shiba Inu (SHIB) ecosystem aren’t any different.
On the surface, such colossal transfers might seem to be a bearish signal that the whales are bailing through the ongoing price decline. While this may be partially true for a few of the whales, it surely can’t be the case for the whole lot of the cohort. One other possibility is that a few of these whales see the recent Shiba Inu dip as a prime buying opportunity. By scooping up billions of tokens on the low-cost, they might be trying to build up an enormous stake in anticipation of a rebound.
Interestingly, the newest price movement previously 24 hours suggests that the latter may be the case. It’s because on the time of writing, the worth of SHIB is up by 1.5%. Similarly, the entire SHIB trading volume across crypto exchanges increased by 18.20% previously 24 hours.
Featured image created with Dall.E, chart from Tradingview.com