Market

Giga Shiba Inu (SHIB) Whales Wake up With 3.5 Trillion Transfer

Thu, 16/05/2024 – 13:59

Cover image via stock.adobe.com

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Shiba Inu whales are slowly waking up after the asset exits the state of anemia and shows some kind of a bullish price performance in the last few days. Luckily, those large transfers are not tied to any kind of selling operations and are most likely part of fund redistribution operations. Additionally, we will take a look at the most recent and relevant on-chain data.

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In the last 24 hours, Shiba Inu has seen two massive transfers, totaling approximately 3.5 trillion SHIB. The first transfer involved three trillion SHIB, valued at around $74.79 million, moved from one Robinhood wallet to another. The second transfer moved 495.646 billion SHIB, valued at about $12.65 million, between two unknown wallets. These significant movements indicate internal reshuffling rather than sell-offs, which is a positive sign for the market.

ITB Data
Source: IntoTheBlock

The number of large transactions has spiked, with 281 transactions recorded in the last 24 hours, hitting a seven-day high. This suggests increased activity among major holders, which can sometimes precede significant price movements. However, these transactions have not led to a notable price drop, reinforcing the idea that they are internal redistributions rather than sell-offs.

The volume of large transactions has also seen a surge. In the last 24 hours, the total volume of large transactions reached 5.41 trillion SHIB, compared to the seven-day low of 415.2 billion SHIB. With the surge in volume, we may conclude that whale activity is a major part of it.

Despite this increased activity, some metrics highlight potential weaknesses. For instance, the overall number of transactions on the Shiba Inu network has been relatively stable but not particularly high, indicating that while whale activity is up, retail participation may not be as high.

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