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Shiba Inu Coin: Whale Transactions Spike Despite Drop in SHIB Activity

Shiba Inu coin price is struggling due to drop in SHIB activity. Shiba Inu whale transactions has increased significantly.

Shiba Inu is a popular memecoin in the crypto market. SHIB’s market has weakened a bit since last week, but during this period there was a huge increase in SHIB whale transactions. Big investors (whale) are again active in the crypto market for Shiba Inu.

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Shiba Inu Coin: Whale Transactions Spike Despite Drop in SHIB Activity 5

Shiba Inu Coin: Whale Transactions Rise

According to on-chain data tracking website, IntoTheBlock, the volume of transactions made by whales in the SHIB meme coin has increased significantly. The total value of transactions on Sunday was $10.18 million (558.73 billion Shiba Inu) which increased to $37.57 million (2.14 trillion Shiba Inu) by Monday.

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Shiba Inu Coin: Whale Transactions Spike Despite Drop in SHIB Activity 6

During this period the number of large transactions worth more than $100,000 more than doubled, from 30 to 75. This increased activity, however, is only from large investors, the Shiba Inu Coin price is struggling against market weakness.

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Shiba Inu Coin: Whale Transactions Spike Despite Drop in SHIB Activity 7

Additionally, the daily active addresses using Shiba Inu declined by 17.71% to 3,590 addresses. In terms of profit, 52% of SHIB owners have made a profit, 45% have made a loss, and 3% are tied.

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Shiba Inu Coin: Whale Transactions Spike Despite Drop in SHIB Activity 8

Conclusion

SHIB has seen a large number of transactions from big investors (whales). It shows the increasing interest of these investors, however, despite this, the overall number of people using Shiba Inu has decreased.

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Disclaimer

The content presented here may express the author’s personal opinions and is subject to change based on market conditions. It is crucial to conduct your own market research before investing in any cryptocurrency. Neither the author nor this publication assumes any responsibility for any financial losses you may incur.