According to IntoTheBlock, the volume of large Shiba Inu (SHIB) transactions has surged by 400% within the past 24 hours, indicating significant activity among major investors. This surge, amounting to a 436% increase, represents a substantial rise in the number and monetary value of large transactions involving SHIB tokens.
Shiba Inu Witnesses Surge in Large-Scale Transactions Amid Price Fluctuations
New data from IntoTheBlock reveals a remarkable surge in the volume of large transactions involving the highly popular meme cryptocurrency, Shiba Inu (SHIB), over the past 24 hours. Analysis of the data indicates a staggering 436% increase in the volume of large transactions, escalating from 1.4 trillion SHIB to an impressive 6.11 trillion SHIB.
In monetary terms, this translates to a substantial increase of $42.75 million to $171.74 million, marking a 401.7% surge. Notably, the number of large transactions, defined as those exceeding $100,000, has witnessed a significant jump, rising to 276 from 157 the day prior, signifying an increase of 119.
The disparity between the monetary and in-kind growth in large transactions can be attributed to the decline in the price of SHIB during the period under consideration. SHIB has experienced a substantial drop of almost 7% in the last 24 hours and continues to face pressure, resulting in a total decline of nearly 15% since the beginning of the week, currently trading at $0.0000262.
This price action has likely prompted many large players and SHIB holders to cash out their tokens, contributing to the observed drawdown. However, despite the bearish sentiment, certain large SHIB whales have seized the price slump as an opportunity to acquire more SHIB, strengthening their positions in the token.
The interplay between bulls, bears, and whales in the Shiba Inu market remains a topic of keen interest. It remains to be seen whether bulls, bears, or whales will emerge victorious amidst the current market volatility.
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