The Shiba Inu Ecosystem becomes positive the light at recent price developments in the broader cryptocurrency market. Many cryptocurrencies and blockchains go through increased activity and transactions, which have pushed prices to positive gains over a seven-day period. Shiba Inu has not been left behind with this activity, with on-chain data showing an interesting increase in money movements. This movement can be attributed to Shiba Inu whales, who recently saw a 40% increase in the amount of money traded.
Shiba Inu statistics increased by 40%
Unsurprisingly, Shiba Inu whales have joined the recent surge in market activity. This whale activity was revealed thanks to IntoTheBlock Large Transactions Metric. The metric, which measures the amount of transactions greater than $100,000, noted that $30.64 million was exchanged between large SHIB wallets on Saturday, representing a 46.9% increase from the $20.85 million recorded the previous day.
This also represents a 121% increase from the $13.86 million in transactions recorded two days earlier. This increase in transaction value was also accompanied by an increase in transaction volume from large SHIB holders.
Some might point out that the numbers mentioned above might be low compared to what SHIB whales have done in the past. However, the significant increase in activity suggests a change in opinion from SHIB whales, who have been largely silent since the beginning of July. When they start moving significant amounts of SHIB, it is usually a sign that something is afoot.
SHIB Price Performance
SHIB holders will be pleased with the price action of the meme cryptocurrency in the short term. At the time of writing, SHIB is trading at $0.000018 and is up 3% in the last 24 hours. Interestingly, SHIB is up 13.5% from its low of $0.00001585 on July 12. This has pushed many other SHIBs higher. addresses in profitabilityand profitability is now 52.14% of total addresses. Most of this increase can be attributed to the recent price hike Bitcoin-led rise. However, it is more than likely that the increase in whale transactions also contributed to a better increase in the price of Shiba Inu.
Given the positive price reaction of SHIB, the recent transfers by whales were most likely accumulations, which is a positive outlook for future price action. Some major players may already be repositioning their SHIB holdings off exchanges. This could cause ripples throughout the ecosystem, leading to a broader trend of interest in SHIB, even if only for a short period of time.
Therefore, the coin itself could continue on the price increase until it reached a major order block around $0.0000209.
Featured image created with Dall.E, chart by Tradingview.com
