According to IntoTheBlock, the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has been trending behind the scenes lately, with the volume of large transactions nearly tripling in the last 24 hours.
As such, a key indicator of whale activity soared by 287%, with SHIB reaching the milestone of 1.1 trillion tokens in the past day. In dollar terms, the surge represented an increase from $5.3 million to $14.55 million.
In total, there were 49 large transactions worth at least $100,000 each. Calculating the average, it turns out that one whale carried about 22.45 billion SHIB, or about $296,000. This means that yesterday’s large transactions were on average three times larger than normal.
The surge in activity appears bullish, as evidenced by net flows from large holders, an indicator that shows the change over time in the net flows of those holding at least 0.1% of the total supply of Shiba Inu tokens.
During the period under review, the figure rose from SHIB 51.09 billion to SHIB 202.58 billion, a staggering 396.5% increase.
Combining the two results and concluding that Shiba Inu whales have accelerated over the past day, which may indicate that they found the current price of SHIB attractive to start buying.
However, everything can change as quickly as it began. The key remains to remain solvent until the market misprices SHIB.
