Data about the chain creates dizzying confusion around Shiba Inu amid 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 in the Shiba Inu network. According to the latter data about the chain 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 in the past 24 hours.
Shiba Inu whales make movements
In recent 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 early March. This decline reflects the broader bearish sentiment in many cryptocurrencies, most mainly meme coins like SHIB.
Amid this downturn, ITB blockchain data reveals some massive SHIB transactions from whale wallets. For example, more than 1.55 trillion Shiba Inu tokens (worth approximately $26.6 million at current prices) qualified among the large transaction cohort in the past 24 hours.
Furthermore, running the transaction data backwards shows that this was not an isolated day of large transactions. At the time of writing, SHIB’s large transactions are have total approximately $320.16 million in the past seven days. According to the major transaction metric, 6.43 trillion SHIB were moved by large holders on June 24, the highest in a 24-hour period this week.
What are the whales up to?
For average investors, SHIB whale trades can be both promising and concerning. Crypto whales are investors who own massive amounts of a particular cryptocurrency. They have enough capital to potentially influence market prices through their trading activities. Whales in the Shiba Inu (SHIB) ecosystem are no different.
At first glance, such colossal transfers may seem like a bearish signal that the whales are retreating amid the ongoing price decline. While this may be partially true for some whales, it certainly cannot be true for the entire group. Another possibility is that some of these whales are seeing the recent Shiba Inu dip as a excellent buying opportunity. By raising billions of tokens cheaply, they could try to raise a huge stake in anticipation of a recovery.
Interestingly, the latest price action over the past 24 hours suggests that the latter could be the case. This is because at the time of writing, SHIB’s price is up 1.5%. Similarly, the total SHIB trading volume across crypto exchanges is up 18.20% over the past 24 hours.
Main image created with Dall.E, chart from Tradingview.com