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In the last 24 hours, a total movement of 4.34 trillion SHIB tokens has led to significant speculation and expectations within the Shiba Inu ecosystem.
Current State of Shiba Inu
According to recent data provided by IntoTheBlock, there has been a noticeable increase in transactions carried out by whales, with entries in SHIB increasing by 215%.
On April 19, SHIB hosted a substantial entry of 4.34 trillion SHIB, a significant increase from the 565.55 billion SHIB recorded on April 17.
These large entries generally track funds entering addresses owned by whales. Additionally, there has been a 58.48% increase in large transaction volumes (transactions over $100,000) on the Shiba Inu side.
At the heart of this increase seems to be investors known as whales, who are progressively increasing their SHIB token holdings.
The entry of 4.34 trillion SHIB tokens can be interpreted as a collective effort by whales to strengthen their positions in anticipation of market expectations or potential market movements.
Although the exact cause of the noticeable rise in whale activities is unknown, it has definitely had a positive impact on the market for the time being.
Cryptocurrency market fluctuations related to halving have resulted from some moves made by whales to potentially increase their gains or enhance the value of their held tokens.
How Much Is Shiba Inu Now?
As of this writing, SHIB has risen 3.5% in the last 24 hours to $0.00002473. Its market value has also increased to $14.57 billion, ranking it 11th in volume and moving towards the top 10.
In the last 24 hours, there has been a decrease in SHIB’s trading volume. SHIB’s 24-hour trading volume has decreased by 33% to $414 million, which could be interpreted as a decrease in investor interest following the halving.
Meanwhile, cryptocurrency investors are closely monitoring the transactions carried out by Shiba Inu whales. Investors will closely watch whether this increase based on entries will create a sustained rise in value or just a temporary price movement.
Moreover, one thing is certain: the movement of 4.34 trillion SHIB has drawn attention to Shiba Inu.
