Shiba Inu (SHIB) experiences a surprising and remarkable 197% surge in whale transactions within 24 hours, as reported by IntoTheBlock.
Whale transactions are defined as those surpassing the $100,000 threshold, primarily executed by traders with substantial holdings, particularly in the case of Shiba Inu.
The data indicates a substantial increase in large-scale SHIB transactions, catching the attention of investors and analysts alike.
Shiba Inu Large Transactions Surge Nearly 200%
Meme coins have become a significant part of the digital asset industry, with Shiba Inu standing out as one of the most popular ones. Surprisingly, Shiba Inu has embraced utility, a quality that meme coins have often been criticized for lacking.
IntoTheBlock, an on-chain analytics platform, has reported a staggering 197% increase in Shiba Inu (SHIB) large transactions executed by whales within 24 hours. These transactions amounted to $12.54 million.
This significant surge in whale activity involves investors making substantial buys or sells of the asset. Such transactions provide valuable insights into on-chain whale behavior and trends.
IntoTheBlock highlights a substantial 326% increase in large-holder net inflows for Shiba Inu (SHIB) over the past week, indicating significant accumulation by whales.
CoinMarketCap data shows SHIB’s current trading price at $0.00000785, reflecting a 0.55% increase in the last 24 hours. The reasons behind this activity are subject to speculation, with possibilities including ecosystem developments, microeconomic factors like a Federal Reserve rate hike, and the impact of consistent Shibarium milestones.
The ongoing ecosystem advancements and achievements in Shibarium are likely contributing factors to the recent increase in SHIB’s activity to some extent.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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