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Whale activity in Shiba Inu (SHIB), the second largest memecoin, has unexpectedly increased while investors continue to anticipate a rise. According to data provided by the on-chain data platform IntoTheBlock, an important indicator showing whale activity in various cryptocurrency networks increased by 987% for the Shiba Inu network.
Increase in Whale Transactions in the Shiba Inu Network
The volume of large transactions, which measures the total amount of transactions carried out for transactions worth $100,000 and above, increased by 987% for Shiba Inu. According to the data provided by IntoTheBlock, the memecoin’s large transaction volume reached $70.73 million in the last 24 hours.
The volume of large transactions, a related indicator, provides an estimate for the total amount of transactions carried out by whales on a specific day. Increases in large transaction volume indicate an increase in whale buying or selling activity. The current data supports this, as the total number of 10.23 trillion SHIB tokens were transferred in the last 24 hours, reaching the highest level in the past 7 days.
The largest transaction contributing to the increase in large transactions in the Shiba Inu network was the movement of 4.55 trillion SHIB tokens worth $31.52 million on October 20th.
Increased Transaction Volume
Furthermore, there has been a significant increase in the transaction volume of the Shiba Inu network, which represents the volume of transactions conducted on the blockchain in SHIB tokens. The network’s transaction volume increased from 2.55 trillion SHIB tokens on October 19th to 11.48 trillion SHIB tokens on October 20th.
Increases in transaction volume can be used to identify price increases and trend reversals. An increase in this indicator indicates both panic selling and investor buying despite uncertainty.
At the time of writing this article, SHIB is trading at $0.00000697, showing a slight increase in the past 24 hours. While bulls try to maintain their gains after a two-day rise, the price of the memecoin has only increased by 0.07% throughout the week. Furthermore, if SHIB closes today in the green after recovering from its drop to $0.00000687 on October 19th, it will have its third consecutive day of gains.
