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Shiba Inu (SHIB) Skyrockets 436% in Key On-Chain Whale Metric

source-logo  u.today 02 April 2024 14:04, UTC

As revealed thanks to data from IntoTheBlock, the volume of large transactions involving popular meme cryptocurrency Shiba Inu (SHIB) has increased by over 400% in the past 24 hours.

Digging deeper into the data, the volume of large transactions rose from 1.4 trillion SHIB to 6.11 trillion SHIB, a 436% increase. In monetary terms, the volume of large transactions with the Shiba Inu token increased $42.75 million to $171.74 million, a 401.7% increase. Overall, the number of large transactions, which are defined as those totaling at least $100,000, rose to 276, 119 more than the day before.

The difference in monetary and in-kind growth in large transactions can be attributed to the decline in the price of the Shiba Inu token in the period under review. The fact is that the price of SHIB has fallen by almost 7% in the last 24 hours. Moreover, it continues to fall at the moment, bringing the total decline to almost 15% since the beginning of the week. SHIB is now trading at $0.0000262.


Bulls, bears and whales

Obviously, the rise in large token transactions is due to the rather sprawling price action of the Shiba Inu token. It is likely that a number of large players and SHIB holders added to this drawdown by selling their tokens.


But it cannot be denied that some of the big SHIB whales perceived the Shiba Inu token price slump as a discount and decided to strengthen their positions in this token on the contrary.

Who will prevail in Shiba Inu - bulls, bears, or whales - is perhaps one of the most interesting questions of the present time on the crypto market.