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Shiba Inu Records 406% Whale Activity Spike, Here's Amount of SHIB Moved

source-logo  u.today 10 November 2023 16:37, UTC

Dog-themed Shiba Inu cryptocurrency is seeing a massive spike in large transaction volume, with $65.87 million worth of SHIB moved in such transactions.

IntoTheBlock classifies as a large transaction any transfer of more than $100,000. The Large Transactions Volume indicator in this example represents the total amount in crypto terms exchanged in such transactions.

Large Transaction Volume indicates the total amount transacted by whales or large holders in a single day. Increases in large transaction volumes indicate that whales are actively buying or selling.

In the last 24 hours, eight trillion SHIB accounted for a large transaction volume, a massive spike from Nov. 8's figure of 1.57 trillion SHIB.

Nov. 9 saw a massive surge across the crypto markets as Bitcoin rose near the $38,000 mark.

Bitcoin's climb, buoyed by ETF optimism, gave a big lift to crypto assets across the market. Shiba Inu rode on the bullish wave, reaching highs of $0.00000872 in Thursday's trading before retreating.

Other crypto assets that rode the Bitcoin price wave Thursday are also coming off their previous-day highs. Shiba Inu gave back earlier gains and was down 5.31% in the last 24 hours to $0.0000081.

Shiba Inu Bitcoin correlation returns

Shiba Inu's correlation with the lead cryptocurrency, Bitcoin, seems to be returning. In the past few months, Shiba Inu's correlation with Bitcoin has declined, entering negative territory.

Currently, this has reversed, as SHIB now has a positive correlation with the lead asset.

The 30-day correlation coefficient between Shiba Inu and Bitcoin is now 94%, or 0.94, according to data from on-chain analytics firm IntoTheBlock.