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On-chain data presents a staggering perplexity surrounding Shiba Inu amidst the recent broader price decline in the past three weeks. Interestingly, this on-chain data presents itself in the large transaction volume of SHIB tokens across the Shiba Inu network. According to the latest on-chain data from IntoTheBlock, some serious Shiba Inu whales have been making waves over the past 24 hours.
IntoTheBlock’s large transaction volume measures the number and total value of transactions greater than $100,000. This metric, which has proven to be a useful tool for tracking whale sentiment, shows that large holders transferred 1.55 trillion SHIB tokens over the previous 24 hours.
Shiba Inu Whales Making Movements
Over the past few weeks, the meme cryptocurrency Shiba Inu (SHIB) has seen its price take a nosedive. The token recently crossed below $0.0000165, its lowest point since the beginning of March. This decline mirrors the broader bearish sentiment across many cryptocurrencies, most especially meme coins like SHIB.
Amid this downturn, blockchain data from ITB reveals some huge SHIB transactions from whale wallets. For example, over 1.55 trillion Shiba Inu tokens (worth around $26.6 million at the current price) qualified under the large transaction cohort in the past 24 hours.
Furthermore, dialling the transaction data backwards shows this wasn’t an isolated day of large transactions. At the time of writing, SHIB’s large transactions have totaled around $320.16 million in the past seven days. Per 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 The Whales Up To?
For average investors, SHIB whale transactions can be both promising and worrying. Crypto whales are investors who hold massive amounts of a particular cryptocurrency. They have enough capital to potentially influence market prices with their trading activity. Whales in the Shiba Inu (SHIB) ecosystem are no different.
On the surface, such colossal transfers might seem like a bearish signal that the whales are bailing during the ongoing price decline. While this might be partially true for some of the whales, it surely cannot be the case for the entirety of the cohort. Another possibility is that some of these whales see the recent Shiba Inu dip as a prime buying opportunity. By scooping up billions of tokens on the cheap, they could be trying to accumulate a massive stake in anticipation of a rebound.
Interestingly, the latest price movement in the past 24 hours suggests that the latter might be the case. This is because at the time of writing, the price of SHIB is up by 1.5%. Similarly, the total SHIB trading volume across crypto exchanges increased by 18.20% in the past 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
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