Shiba Inu's Whale Transactions Surge by 229% at the Start of the Week
Discover the latest insights into the spike in whale transactions of Shiba Inu cryptocurrency. Learn about the increase in large transactions, the potential actions of whales, and the current price action of SHIB. Stay informed with the latest market analysis.
Posted 2 months ago in Altcoins
Shiba Inu, the popular meme-based cryptocurrency, has witnessed a significant increase in whale transactions at the beginning of this week. According to data from on-chain analytics firm IntoTheBlock, there has been a spike of 229% in Shiba Inu's large transaction volume. In the last 24 hours alone, the volume of large transactions reached a staggering 1.23 trillion SHIB.
Large transactions are classified as transfers of more than $100,000. The Large Transactions Volume indicator calculates the total amount of cryptocurrency transferred in such transactions, providing an estimate of how much whales transact in a single day.
The surge in large transactions suggests heightened activity among whales, indicating potential buying or selling pressure. Within the past 24 hours, over $9.08 million worth of SHIB was transferred in transactions exceeding $100,000. This influx of volume implies that significant players in the market may have acquired a considerable amount of Shiba Inu coins.
It is worth noting that whales, or large holders, often seize the opportunity presented by price declines to accumulate more assets. The IntoTheBlock "Balance by Holdings" statistic reveals an increasing balance among Shiba Inu trillionaire addresses, particularly those holding 1 trillion to 10 trillion SHIB, indicating a tendency toward accumulation over the past 30 days.
Shiba Inu Price Action
Following its peak at $0.00001134 on August 12, the price of Shiba Inu has experienced a steady decline. As of now, Shiba Inu is down 2.025% in the last 24 hours, trading at $0.00000727. The overall cryptocurrency market is also facing downward pressure as traders await key inflation numbers set to be released later this week.
This week, the U.S. is scheduled to disclose August Consumer Price Index (CPI) and Producer Price Index (PPI) statistics, while the European Central Bank will announce its interest rate decision. The year-on-year inflation rate is projected to rise from 3.2% to 3.4%, with the core inflation rate expected to decrease from 4.7% to 4.5%.
Despite the current downward trend, there is a glimmer of hope for Shiba Inu's price. The daily Relative Strength Index (RSI) is approaching oversold levels, suggesting a potential rebound in the near future, providing traders with some relief.
Last updated 9/11/2023, 4:56:13 PM
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