Shiba Inu (SHIB) has witnessed a significant rise in whale activity, as reported by the on-chain data platform IntoTheBlock. This surge in activity coincides with several bullish signals, amplifying excitement surrounding the dog-themed altcoin.
In the last 24 hours, large transactions involving Shiba Inu (SHIB) surged by 454.16%, totaling $112.96 million. This spike in whale activity suggests a substantial movement of funds within the Shiba Inu ecosystem, with 34 transactions exceeding $100,000 each confirming the trend.
Shiba Inu (SHIB) Whale Activity Surges
The volume of large transactions in the Shiba Inu (SHIB) cryptocurrency experienced a significant increase, rising from 2.18 trillion SHIB on February 21st to 11.77 trillion SHIB on February 22nd. This surge marked the highest volume recorded in the past seven days. Additionally, the number of daily active wallet addresses on the Shiba Inu network rose by 25.33% to 3,710, signaling a notable uptick in overall network activity. Such a spike in large transaction volume indicates heightened involvement of whales within the SHIB ecosystem, potentially reflecting substantial buying or selling pressure.
Despite the surge in whale transaction activity, Shiba Inu bulls have faced challenges in pushing the price of SHIB above $0.00001. The last attempt to breach this level occurred on February 20th at $0.00000996, but the momentum could not be sustained, resulting in a sharp decline thereafter. Since then, SHIB has remained range-bound, showing limited strength in price movements. As of the time of writing, SHIB’s price has declined by 2.14% in the last 24 hours, trading at $0.0000094.
Shiba Inu (SHIB) Investors’ Long-Term View
Despite recent fluctuations in Shiba Inu’s (SHIB) price, data suggests a growing trend towards long-term investment among SHIB holders. The Holding Time of Traded Coins indicator, reflecting the average duration SHIB tokens are held before being traded or sold, has surged by 652.17% over the past seven days.
This significant increase in the indicator underscores a shift towards a long-term outlook among investors in SHIB. The rise in the average holding time of SHIB tokens purchased indicates heightened expectations for the altcoin’s performance over an extended period.
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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
