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According to data from on-chain platform IntoTheBlock, there has been an increase in whale activity on popular meme-inspired cryptocurrency Shiba Inu (SHIB). Digging deeper into the stats reveals that the volume of large transactions in SHIB has increased by 100 billion tokens, but more tellingly, it has reached 1.38 trillion SHIB in the last 24 hours.
Translating all this data into monetary terms, we see an increase from $19.95 million to $20.81 million. In total, there were 69 such large transactions, which means that the average size of such a transaction was 20 billion SHIB, which is equivalent to $300,000.
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According to IntoTheBlock’s methodology, large transactions are those that are no less than $100,000. We are currently seeing, on average, three times that value, which is a lot.
Amid this eruption of on-chain whale activity, the price performance of the Shiba Inu token becomes more understandable.
Shiba Inu (SHIB) price outlook
Thus, in the last 24 hours, the popular meme-inspired cryptocurrency saw a price spike that took quotes to $0.000016 per SHIB. This was followed by a small sell-off, but with an 8% drop, buyers came in again, and the price rose a bit before going sideways.
Such rapid spikes can be interpreted as a surge in buying activity, and when it goes that high in such a short period of time, it can mean that the big players are here. This is also signaled by the increased trading volume of the Shiba Inu token.
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Bulls and whales are certainly keeping a close eye on Shiba Inu, as can be seen from the on-chain data and the fact that SHIB price has increased by 14.12% in the last week. For how long though is another question. But until there is activity, SHIB is back in the spotlight.
