Shiba Inu One Of The Most-Traded Tokens By Whales, Data Shows

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As a seasoned crypto investor with a keen interest in on-chain data, I find the recent surge in large transactions for Shiba Inu quite intriguing. The whales have been making their presence felt over the past month, as evidenced by the high Number of Large Transactions metric. This trend could be indicative of heightened interest from these giants in the memecoin right now.

Large investors have been actively engaging with Shiba Inu by transferring a significant amount of the cryptocurrency recently, according to on-chain data.

Shiba Inu Large Transactions Have Been High In Number Recently

An analyst in a recent post on X highlighted some intriguing findings based on data from the market intelligence platform IntoTheBlock. According to this analysis, significant investors or “whales” in Shiba Inu have been active in transactions during the last month.

The significant activity indicator on a blockchain is the “Count of Major Transactions,” which tallies up all transfers worth over $100,000 across any cryptocurrency network.

Typically, it is mainly whales who carry out significant transaction volumes. Consequently, the Number of Large Transactions can serve as a proxy for tracking the actions of these financial behemoths.

As a crypto investor, when I notice that the value of a particular metric is elevated, it indicates that there’s been a significant number of substantial price movements in the asset recently. This trend could potentially signal heightened interest from the whales within the cryptocurrency sphere at present.

Alternatively, a low indicator reading might indicate that whales are currently exploring other financial markets, as they’re not engaging in significant transactions for the asset at hand.

Here’s a graph illustrating the development of this indicator for Shiba Inu over the past few weeks.

Based on the graph, Shiba Inu has exhibited a notable volume of large transactions throughout the past month, with certain peaks reaching considerable heights. Moreover, there’s been a discernible uptick in large transactions over the recent few days.

As an analyst, I would explain that in the lower chart, you’ll find the data for a different metric called “Large Transactions Volume.” This particular measure tracks the aggregate sum of daily transactions exceeding $100,000 on the network.

The current number of transfers on the network is roughly equivalent to what we observed during the peak earlier this month. However, the amount transferred at that time was significantly greater.

The ongoing whale transfers aren’t identical in size, despite not reaching extremely low metrics.

“According to the analysis, large transactions involving whales have added approximately 30 trillion SHIB to the market in May. This places Shiba Inu among the most actively traded tokens by big investors during this period.”

It’s intriguing that there’s been an increase in high-volume whale transactions for this memecoin recently. However, since these indicators don’t specify whether those transactions were buys or sells, it makes it challenging to predict the coin’s direction based solely on this information.

Whales’ active participation in the market tends to increase price volatility. Consequently, Shiba Inu could experience more pronounced price fluctuations if these large players continue to be active.

SHIB Price

Currently, the value of Shiba Inu hovers around $0.0000241, representing a decrease of over 2.5% in the past week.

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2024-05-24 20:10