Shiba Inu whales have recently been observed making a lot of moves despite the high volatility of the meme coin at the moment. More importantly, these large whales double in size within 24 hours, which could have serious implications for the price of SHIB. As the price of the Shiba Inu falls, higher whale activity may indicate that these top holders are driving the selling.
Shiba Inu whale numbers increase by 117%
IntoTheBlock contains data It is shown There has been a significant increase in the size of the Shiba Inu whale recently. The time frame of interest here is between October 6 and 7 when The size of the whale increased More than 2x. According to data tracking website On-Chain, the size of Shiba Inu whales is only 1.39 trillion. In dollar terms, this amounted to $25.2 million across 99 transactions holding SHIB tokens worth $100,000 or more.
By the next day, on October 7, there was a notable 66% increase in the number of Shiba Inu transactions holding at least $100,000 in tokens. The number jumped from 99 to 165, indicating greater participation from these larger whales. As a result, there was also a slight increase in the number of SHIB tokens transacted. It reached Sh3.02 trillion, showing a 117% increase over the previous day’s figures. In addition, the dollar value of tokens transacted was $52.8 million.
The rise in whale transaction volumes coincided with Shiba In prices collapsing back into the $0.000017 region. This indicates that these large Shiba Inu whales are actively participating in the sell-off and their activities may put further downward pressure on the meme coin price.
If Shiba Inu whale volumes continue to decline from here without any change in price direction, this could indicate that the whales are still selling. However, if these large investors turn long,… The price of the Shiba Inu may see a significant rebound From here.
SHIB investors are still in the game
Despite the recent collapse in the price of SHIB which appears to be driven by Shiba Inu whales, the price of SHIB The majority of investors Still in the green zone. IntoTheBlock data indicates that 714,190 addresses out of a total of 1.35 million SHIB holders are “in the money.” This means that 52.86% of all portfolios holding SHIB currently are making profits.
In contrast, there are 595,770 “out of money” addresses, or 44.10% of the total owner base. Meanwhile, a small percentage, 43.04% or 41,090 addresses, are currently “in the money.” What this means is that collectibles for these titles were purchased at the same price as the Shiba Inu token currently exists. Therefore, this puts them at break-even.
Featured image created with Dall.E, chart from Tradingview.com