u.today
Dog-themed cryptocurrency Shiba Inu ($SHIB) has seen a significant 61.39% increase in large transaction volume, which is usually suggestive of whale activity.
Large transaction volume is a crucial measure from IntoTheBlock that indicates the total amount transacted by whales on a particular day. Spikes in large transaction volumes point to high activity among whales, either buying or selling.
In recent days, there has been a decrease in the volume of large transactions for $SHIB that exceed $100,000. $SHIB reported a considerable reduction in large transaction volume, falling from 6.36 trillion $SHIB on April 19 to 2.06 trillion $SHIB on April 20.
Since this date, Shiba Inu's large transactions have flatlined between two trillion $SHIB and 3.73 trillion $SHIB, before a sudden rise on April 24.
Large transaction volumes increased from 3.73 trillion $SHIB on April 23 to 6.23 trillion $SHIB on April 24. The monetary value of large transactions in the past 24 hours reached $162.45 million, a seven-day high.
$SHIB drops 9%
The timing of the large transaction volume rise is particularly interesting, as it coincides with a broader market collapse, with major cryptocurrencies losing between 4% and 20%.
Shiba Inu was not spared from the bearish trend, falling 8.69% in the last 24 hours to $0.00002486, despite rising 13% in the previous seven days. Thus, the resurgence of whale activity might signal renewed interest in the dog-themed token.
This is hardly surprising given that whales often utilize periods of correction to accumulate at a discount. The increase in transaction volume might suggest that large investors are once again positioning themselves on the market, potentially anticipating future price movements.
The return of $SHIB whales also comes at a time of heightened enthusiasm: Shiba Inu has just secured $12 million in funding, putting it on track to become a big participant in the crypto market.
As $SHIB whales make a comeback, investors and traders will be closely monitoring market trends for clues about the cryptocurrency's price trajectory.