On-chain
data
presents
a
staggering
perplexity
surrounding
Shiba
Inu
amidst
the

recent
broader
price
decline

in
the
past
three
weeks.
Interestingly,
this
on-chain
data
presents
itself
in
the
large
transaction
volume
of
SHIB
tokens
across
the
Shiba
Inu
network.
According
to
the
latest

on-chain
data

from
IntoTheBlock,
some
serious
Shiba
Inu
whales
have
been
making
waves
over
the
past
24
hours.

IntoTheBlock’s
large
transaction
volume
measures
the
number
and
total
value
of
transactions
greater
than
$100,000.
This
metric,
which
has
proven
to
be
a
useful
tool
for
tracking
whale
sentiment,
shows
that
large
holders
transferred
1.55
trillion
SHIB
tokens
over
the
previous
24
hours.

 

Shiba
Inu
Whales
Making
Movements

Over
the
past
few
weeks,
the
meme
cryptocurrency
Shiba
Inu
(SHIB)
has
seen
its
price
take
a
nosedive.
The
token
recently
crossed
below
$0.0000165,
its
lowest
point
since
the
beginning
of
March.
This
decline
mirrors
the

broader
bearish
sentiment

across
many
cryptocurrencies,
most

especially
meme
coins

like
SHIB.

Amid
this
downturn,
blockchain
data
from
ITB
reveals
some
huge
SHIB
transactions
from
whale
wallets.
For
example,
over
1.55
trillion
Shiba
Inu
tokens
(worth
around
$26.6
million
at
the
current
price)
qualified
under
the
large
transaction
cohort
in
the
past
24
hours. 

Furthermore,
dialling
the
transaction
data
backwards
shows
this
wasn’t
an
isolated
day
of
large
transactions.
At
the
time
of
writing,
SHIB’s
large
transactions

have
totaled

around
$320.16
million
in
the
past
seven
days.
Per
the
large
transaction
metric,
6.43
trillion
SHIB
were
moved
by
large
holders
on
June
24,
the
highest
in
a
24-hour
timeframe
this
week.

 

What
Are
The
Whales
Up
To?

For
average
investors,
SHIB
whale
transactions
can
be
both
promising
and
worrying.
Crypto
whales
are
investors
who
hold
massive
amounts
of
a
particular
cryptocurrency.
They
have
enough
capital
to
potentially
influence
market
prices
with
their
trading
activity.
Whales
in
the
Shiba
Inu
(SHIB)
ecosystem
are
no
different.

On
the
surface,
such
colossal
transfers
might
seem
like
a
bearish
signal
that
the
whales
are
bailing
during
the
ongoing
price
decline.
While
this
might
be
partially
true
for
some
of
the
whales,
it
surely
cannot
be
the
case
for
the
entirety
of
the
cohort.
Another
possibility
is
that
some
of
these
whales
see
the
recent
Shiba
Inu
dip
as
a

prime
buying
opportunity.
By
scooping
up
billions
of
tokens
on
the
cheap,
they
could
be
trying
to
accumulate
a
massive
stake
in
anticipation
of
a
rebound. 

Interestingly,
the
latest
price
movement
in
the
past
24
hours
suggests
that
the
latter
might
be
the
case.
This
is
because
at
the
time
of
writing,
the
price
of
SHIB
is
up
by
1.5%.
Similarly,
the
total
SHIB
trading
volume
across
crypto
exchanges
increased
by
18.20%
in
the
past
24
hours. 

 

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

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