Shiba Inu Whale Transactions Skyrocket 165% to 6.18 Trillion SHIB in 24 Hours

Cover image via U.Today

Whale Transactions Surge for Shiba Inu (SHIB)

According to data from IntoTheBlock, the volume of large transactions involving Shiba Inu (SHIB) has skyrocketed by 165% in the past 24 hours. The volume has increased from 3.73 trillion SHIB to 6.18 trillion SHIB, representing a monetary increase from $82.69 million to $138.2 million. src="/uploads/20240504/17148018886635cce028704.png">

Over the past day, there have been 241 such transactions by whales, as major players in the crypto market are known. Notably, only transactions exceeding $100,000 are considered. src="/uploads/20240504/17148018886635cce028704.png">

Inflows Surpass Outflows for SHIB

A deeper analysis reveals that the surge in large-volume SHIB transactions is primarily driven by inflows into whale wallets.

Wallets holding at least 0.1% of the circulating SHIB supply experienced inflows of 2.44 trillion SHIB, while outflows during the same period totaled 2.26 trillion SHIB. Consequently, large holders' netflow for Shiba Inu reached 180.46 billion SHIB, marking a 130% increase from the previous day.

Implications for Shiba Inu

As one of the most popular meme cryptocurrencies, SHIB's recent surge in transaction volume indicates heightened activity and engagement within the market. The implications of this increase in whale transactions for Shiba Inu remain to be determined, and market participants are closely monitoring developments within the SHIB ecosystem.