- Shiba Inu (SHIB) meme coin witnessed an extraordinary surge with $110.53 million in transactions. in the last 24 hours, marking a 275% increase.
- Despite a significant 11% drop in Shiba Inu price, large players engaged in 186 transactions.
- Contrary to expectations, major SHIB players did not sell off holdings during the market downturn.
The Shiba Inu (SHIB) meme coin has seen an unprecedented surge in large transactions, reaching $110.53 million in the last 24 hours, according to on-chain analytics platform IntoTheBlock.
This surge, representing a remarkable 275% increase, amounts to an astounding 7.22 trillion SHIB tokens. This surge comes amid a significant price drop for the Shiba Inu token, experiencing a decline of over 11% from $0.00001195 to $0.00001 in the past day.
Large players contributed to 10.72 trillion SHIB volume
Despite broader market declines, major market participants executed 186 separate trades, each amounting to at least $100,000 in volume. Per data from IntoTheBlock, these large transactions contributed to a cumulative trading volume nearing 10.72 trillion SHIB tokens during the specified timeframe.
Going against prevailing assumptions, analytics from Large Holders Inflow showed major SHIB market participants did not decrease their positions during the said period. Rather, large holders notably increased their cumulative holdings by approximately 6.32 trillion SHIB—a sizable 407% upturn versus prior-day levels.
This ostensible disconnect between escalating whale activity and declining prices could signify an intentional approach by influential traders. Following SHIB’s striking 45% value appreciation since early December, some investors seemingly moved to take profits, contributing to the recent downward price movement. However, on-chain statistics reveal that the most dominant players not only persevered amidst the decline but actively accumulated additional SHIB quantities at this time.
The surge in large transactions raises questions about the motivations behind these strategic moves by major players. Whether it’s a calculated strategy to leverage market conditions or a broader trend in Shiba Inu’s ecosystem, the cryptocurrency community awaits further developments. The intricate interplay between price movements and on-chain activities adds a layer of complexity to the understanding of Shiba Inu’s current dynamics.
