On-chain data presents a stunning puzzlement around Shiba Inu in the middle of the recent wider drop in prices over the past three weeks. Interestingly, this on-chain data shows up in the large volume of SHIB token transactions on the Shiba Inu network. According to the latest chain data According to IntoTheBlock, some 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 over $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 in the previous 24 hours.
Shiba Inu Whales Make Moves
Over the past few weeks, the meme cryptocurrency Shiba Inu (SHIB) has seen its price drop. The token recently fell below $0.0000165, its lowest point since early March. This decline reflects the broader bearish sentiment in many cryptocurrencies, most especially the parts themselves like SHIB.
Amid this downturn, ITB blockchain data reveals huge SHIB transactions originating from whale wallets. For example, over 1.55 trillion Shiba Inu tokens (worth approximately $26.6 million at current prices) qualified for the large transaction cohort in the last 24 hours.
Additionally, the composition of the countdown transaction data shows that this was not an isolated day of large transactions. At the time of writing, SHIB’s large transactions have totaled approximately $320.16 million over the past seven days. According to the large transactions metric, 6.43 trillion SHIB was transferred by large holders on June 24, the highest level in a 24-hour period this week.
What do whales do?
For average investors, SHIB 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. The whales of the Shiba Inu Ecosystem (SHIB) are no exception.
At first glance, such colossal transfers might appear to be a bearish signal that whales are giving up during the current price decline. While this may be partially true for some whales, it certainly cannot be the case for the entire cohort. Another possibility is that some of these whales see the recent decline in the Shiba Inu as a prime buying opportunityBy purchasing billions of tokens at low prices, they could try to accumulate massive stake in anticipation of a rebound.
Interestingly, the latest price movement over the past 24 hours suggests that the latter might be the case. Indeed, at the time of writing, the price of SHIB is up 1.5%. Similarly, the total SHIB trading volume on crypto exchanges has increased by 18.20% over the past 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
