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The on-chain data platform IntoTheBlock reported that the dog-themed altcoin Shiba Inu (SHIB) has recently seen a notable increase in whale activity. Moreover, the excitement has increased as many indicators for SHIB are showing strong bullish signals.
Shiba Inu Whale Activity Spikes by 454.16%
According to the data, the number of large transactions involving SHIB has increased by 454.16% in the last 24 hours, reaching a total of $112.96 million. This surge in whale activity indicates that a significant amount of funds is moving within the Shiba Inu ecosystem. Indeed, the recording of 34 large transactions, each exceeding $100,000 in the past 24 hours, confirms this situation.
The volume of large transactions rose from 2.18 trillion SHIB on February 21st to 11.77 trillion SHIB on February 22nd, reaching the highest volume seen in the last seven days. Additionally, the number of daily active wallet addresses on the Shiba Inu network increased by 25.33%, rising to 3,710. This indicates a significant increase in overall activity on the network. A large transaction volume serves as an important metric for measuring the general activity of whales in a network and an increase potentially indicates significant buying or selling pressure.
On the other hand, despite the recent increase in whale transaction activity, Shiba Inu bulls continue to struggle to push the price of SHIB above $0.00001. The last approach to this level was on February 20th at $0.00000996, but the bulls could not maintain the momentum, and a sharp decline followed the rise. Since then, the altcoin has not shown strength and continues to trade within a narrow range. At the time this article was prepared, SHIB’s price has fallen by 2.14% in the last 24 hours, trading at $0.0000094.
Significant 652% Increase in Critical Indicator
Despite short-term price fluctuations, data suggests that Shiba Inu investors may be adopting a long-term perspective in their investments. The Holding Time of Traded Coins indicator, which measures the average time SHIBs are held before being traded or sold, has seen a significant increase of 652.17% over the last seven days.
The increase in the indicator that shows the holding time of SHIBs purchased by investors is an important sign that expectations for the altcoin are high in the long term.
