Shiba Inu One Of The Most-Traded Tokens By Whales, Data Shows
May 24 2024 - 1:00PM
NEWSBTC
On-chain data suggests that large investors have been showing
interest in Shiba Inu recently as they have been moving a high
number of SHIB transfers. Shiba Inu Large Transactions Have Been
High In Number Recently As pointed out by an analyst in an X post
using data from the market intelligence platform IntoTheBlock, the
Shiba Inu whales have been on the move over the past month. The
on-chain indicator of interest here is the “Number of Large
Transactions,” which tracks the total number of transfers on any
cryptocurrency network exceeding $100,000 in value. Generally, only
the whale entities are capable of making such large transfers, so
the Number of Large Transactions may be considered to reflect the
activity of these giants. Related Reading: Analyst Says “Only A
Matter Of Time” Before Bitcoin Flies Past ATH When the value of
this metric is high, it means that the asset is observing a large
number of large moves currently. Such a trend may be a sign that
the whales are actively interested in cryptocurrency right now. On
the other hand, the indicator being low could suggest the whales
are looking at other markets at the moment as they aren’t making
many transactions for the asset. Now, here is a chart that shows
the trend in this indicator for Shiba Inu over the last month or
so: As the above graph shows, the number of large transactions for
Shiba Inu has shown relatively high values at different points in
the past month and has also appeared to be climbing during the last
few days. The lower chart shows the data for another metric, the
“Large Transactions Volume.” This indicator measures the total
volume of transactions greater than $100,000 combined moving on the
network every day. It would appear that while the number of
transfers happening on the network right now is similar to that
seen during the spike earlier in the month, the volume back then
was notably larger. This would naturally suggest that the whale
transfers currently taking place aren’t of the same scale.
Nonetheless, the metric isn’t at particularly low levels, either.
“Large whale transactions have amassed around 30 trillion SHIB in
May, making Shiba Inu one of the most traded tokens by whales so
far this month,” notes the analyst. Related Reading: Is $77,600 The
Next Step For Bitcoin? On-Chain Pricing Model Hints So Now, what
does this high whale activity mean for the memecoin’s price? Since
these indicators don’t differentiate between buying or selling
transactions, it’s hard to say anything about where the coin might
go based on them alone. One thing, however, that’s usually true is
that whales being active can induce higher volatility in the price.
As such, Shiba Inu may be more likely to witness sharper price
action if these humongous entities continue to make moves. SHIB
Price At the time of writing, Shiba Inu is floating around
$0.0000241, down more than 2.5% over the last seven days. Featured
image from Dall-E, IntoTheBlock.com, chart from TradingView.com
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