Recently, the Shiba Inu cryptocurrency has experienced a significant increase in large-scale trading activity, with a notable surge in transactions from major investors, also known as whales. The on-chain data monitoring service IntoTheBlock highlights this trend, showing a considerable influx of capital within the Shiba Inu network. The recent bullish patterns observed in various indicators further fuel the enthusiasm surrounding this digital asset.
Whales Make Big Moves in Shiba Inu Market
Data analysis reveals that the number of high-value Shiba Inu transactions has shot up by 454.16%, reaching a substantial $112.96 million in just 24 hours. These transactions, each surpassing $100,000, numbered 34 in the past day alone, pointing to a sharp rise in the movement of funds by whales within the Shiba Inu ecosystem. The volume of these significant trades has escalated rapidly, with the highest seven-day total reaching 11.77 trillion SHIB on February 22nd, an increase from 2.18 trillion SHIB just a day earlier. In addition, the Shiba Inu network has seen a 25.33% hike in daily active wallets, indicating an overall uptick in network engagement.
Despite this flurry of whale activity, the price of Shiba Inu has struggled to breach the $0.00001 level. The cryptocurrency reached its recent peak on February 20th but failed to sustain the upward trend, resulting in a subsequent downturn. Currently, SHIB trades at a slightly lower value, reflecting a 2.14% decrease over the past 24 hours.
Investors Hold SHIB Longer Despite Market Volatility
Despite the immediate price volatility, an underlying trend suggests a growing long-term confidence among Shiba Inu investors. A key metric, the Holding Time of Traded Coins, which indicates the duration SHIB tokens are retained before sale or exchange, has risen by a staggering 652.17% over the previous week. This swell in the holding period signals that investors are likely optimistic about the future potential of Shiba Inu in the longer term.