The data on the chain represents a stunning puzzle surrounding the Shiba Inu in the middle of the world. Prices have been falling widely lately. In the past three weeks. Interestingly, this on-chain data shows itself in the large transaction volume of SHIB tokens across the Shiba Inu network. According to the latest Data on the chain From IntoTheBlock Some dangerous Shiba Inu whales have been making waves over the past 24 hours.
IntoTheBlock’s high transaction volume measures the number and value of transactions over $100,000. This metric, which has proven to be a useful tool for tracking whale sentiment, shows that holders of large coins transferred 1.55 trillion SHIB tokens in the previous 24 hours.
Shiba Inu whales making movements
Over the past few weeks, the Shiba Inu (SHIB) meme cryptocurrency has seen a sharp decline in its price. The coin recently crossed $0.0000165, its lowest level since the beginning of March. reflects this decline Broader bearish sentiment Across many cryptocurrencies, most of them Especially meme coins Like Shep.
Amidst this downturn, blockchain data from ITB reveals some massive SHIB transactions from whale wallets. For example, over 1.55 trillion Shiba Inu tokens (worth around $26.6 million at the current price) were eligible in the large transaction pool in the past 24 hours.
Furthermore, a reverse order of transaction data shows that this was not an isolated day of large transactions. At the time of writing, the largest transactions made by SHIB were The total amounted to The volume of large transactions reached around $320.16 million in the past seven days. According to the large transaction metric, 6.43 trillion SHIB were moved by large holders on June 24, the highest in a 24-hour timeframe this week.
What are whales up to?
For regular investors, SHIB whale trading can be both promising and worrying. Cryptocurrency whales are investors who own massive amounts of a particular cryptocurrency. They have enough capital to influence market prices through their trading activity. And whales in the Shiba Inu (SHIB) ecosystem are no different.
On the surface, such massive transfers might seem like a bearish signal that whales are backing down during a sustained price decline. While this may be partly true for some whales, it certainly cannot be the case for the entire group. Another possibility is that some of these whales see the Shiba Inu’s recent decline as a decline Major buying opportunityBy collecting billions of tokens at a cheap price, they may be trying to accumulate a huge stake in anticipation of a rebound.
Interestingly, recent price action over the past 24 hours suggests that the latter may be the case. This is because at the time of writing, SHIB’s price is up 1.5%. Likewise, SHIB’s total trading volume across cryptocurrency exchanges increased by 18.20% over the past 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
