The popular meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a stunning surge in a key indicator of whale activity, as IntoTheBlock reports that the number of large transactions involving SHIB has skyrocketed by over 100% in the last 24 hours.
Transaction volume over $100,000 grew to 4.15 trillion SHIB – an increase of more than 2.16 trillion tokens. In dollar terms, this surge was characterized by a profit of $36.06 million, and the total volume for the last day alone was $70.31 million.
There were 110 such large transactions in total. This means that on average one large transaction contained SHIB 37.73 billion or US$639,181 – 6.4 times the norm.
But what’s the mood?
While this indicator provides insight into the activities of whales behind the scenes of the cryptocurrency market, it does not provide a true picture of the sentiment of the major players. To verify this, we look at the net large holder flow statistic, which tracks the net amount of inflows and outflows from wallets containing at least 0.1% of the total supply of tokens.
During the period under review, the sum of inflows less outflows at these addresses amounted to Sh57.07 billion, up 84.4% from the previous day. If we break this figure down, the inflow of Shiba Inu tokens into whale wallets amounted to SHIB 1.67 trillion, and the outflow – 1.62 trillion.
So, essentially, whales are bullish on SHIB, at least for today. You?
