Over the past 24 hours, Shiba Inu (SHIB) cryptocurrency has seen a remarkable increase in whale activity, even as the broader cryptocurrency market faces a significant sell-off.
Shiba Inu Transaction Volume Surge
According to IntoTheBlock data, large transaction volumes for Shiba Inu have skyrocketed by 171%, reaching $25.81 million, or 1.97 trillion SHIB in crypto terms. Large Transaction Volume estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in large transaction volume may indicate increased activity among whales, whether buying or selling.
Crypto Market Dip and Liquidations
Signs of economic weakness in the United States and China are unsettling investors, exacerbating the worst period for global markets since the Aug. 5 market drop. The bearishness has spread to cryptocurrencies, with traders anticipating the U.S. jobs report on Friday for economic outlook insights. Bitcoin fell to a one-month low after a broader retreat from riskier investments on global markets due to concerns about the economic outlook, while other major cryptocurrencies also suffered losses. At the time of writing, SHIB had dropped 3.85% in the previous 24 hours to $0.0000131. According to CoinGlass data, liquidations across the crypto market have surged 247% in the last 24 hours to $200.09 million. Bullish traders betting on price increases accounted for $170 million in long liquidations, while short liquidations accounted for $30 million.
Conclusions
The recent spike in whale activity in the Shiba Inu network may indicate large holders accumulating more tokens or moving significant amounts to different wallets. This surge comes during a broader crypto market decline, suggesting strategic maneuvers by major stakeholders.
Analyzing the current situation, we can note that the increase in whale activity in the Shiba Inu network amid the overall cryptocurrency market downturn may have significant implications for the token's future price dynamics.
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