It has come to light, thanks to data from IntoTheBlock, that the volume of large transactions involving the popular meme cryptocurrency Shiba Inu (SHIB) has increased 165% in the past 24 hours from 3.73 trillion SHIB to 6.18 trillion SHIB.
In monetary terms, this change was reflected in an increase in transaction volume from $82.69 million to $138.2 million. In total, there were 241 such transactions of whales, as the major players in the crypto market are called, over the past day. It is important that only those transactions whose size amounted to at least $100,000 are taken into account.
More SHIB in than out
Diving deeper into the data, we learn that movements of large volumes of the popular meme cryptocurrency Shiba Inu over the past 24 hours have mostly come from inflows to whale wallets.
Thus, the amount of inflows to wallets that hold at least 0.1% of the circulating supply of SHIB amounted to 2.44 trillion. Outflows from these wallets during the period under review amounted to 2.26 trillion SHIB. As a result, large holders’ netflow for Shiba Inu for the period under review amounted to 180.46 billion SHIB, up 130% from the previous day.
As one of the most popular meme cryptocurrencies, SHIB’s recent surge in transaction volume signals a heightened level of activity and engagement within the market. Moving forward, the implications of this surge in whale transactions on Shiba Inu remain to be seen, with market participants closely monitoring developments within the SHIB ecosystem.
