Shiba Inu Whales Trigger 1300% Spike In Large Transaction Volume
Shiba Inu whales have made a comeback after a period of slow activity. The meme coin experienced a significant increase in large transaction volume, which could indicate positive developments for the SHIB price in the near future.
Earlier this week, the large transaction volume for Shiba Inu dropped below 1 trillion SHIB, a rare occurrence for the asset. This decline was accompanied by a substantial decrease in the number of large transactions, which fell to as low as 19 after starting the month with over 100 transactions.
On Sunday, the large transaction volume for SHIB stood at 721.23 billion SHIB, equivalent to around $6.74 million. However, on Monday, there was a rapid surge in large transaction volume, increasing from 721.23 billion to 9.38 trillion SHIB ($89.88 million).
While there has been a slight decrease in large transaction volume since then, it remains significantly higher than the lows observed on Sunday. On Tuesday, the volume was recorded at 3.86 trillion SHIB ($37.14 million), representing an almost 500% increase compared to Sunday’s figures.
What’s Driving The SHIB Recovery?
The rise in large transaction volume may be attributed to the growing bullish sentiment in the crypto market. As expectations of another bull market rise, investors are preparing for potential rallies or crashes by moving their coins around.
This increase in volume also coincided with a crash on January 8, suggesting that there may be a high level of accumulation taking place. If this accumulation continues, it could indicate a rise in bullish sentiment among larger investors and lead to increased buying pressure and price appreciation.
Currently, SHIB is trading at $0.0000095, experiencing a 1.3% increase in the last day. However, the meme coin still faces a weekly loss of 10.35%.
Hot Take: Shiba Inu Whales Drive Surge in Large Transaction Volume
Shiba Inu whales have sparked a remarkable spike in large transaction volume for the meme coin. This surge comes after a period of sluggish activity and could signal positive developments for the SHIB price in the near future. The rise in volume is likely driven by the overall bullish sentiment in the crypto market and investors’ preparations for potential market movements. This increased activity also suggests a high level of accumulation, which may lead to further price appreciation if it continues. As SHIB continues to trade, all eyes will be on the actions of these influential whales and their impact on the market.
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