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Shiba Inu whales are gradually waking up as the asset has emerged from anemia and has shown some positive price performance in recent days. Fortunately, those big transactions are not related to any sales activity and are most likely part of fund redistribution efforts. In addition, we will review the most recent and essential on-chain data.
Increasing Activity Among Key Shiba Inu Holdings Shows Internal Reshuffling
Shiba Inu has had two huge transfers in the last 24 hours, totaling nearly 3.5 trillion SHIB. The first transfer was three trillion SHIB, worth approximately $74.79 million, moving from one Robinhood wallet to another, as per U.Today.
The second transfer sent 495.646 billion SHIB, worth approximately $12.65 million, between two unknown wallets. These substantial swings reflect internal reshuffling rather than sell-offs, which is good news for the market.
The number of major transactions has increased, with 281 registered in the last 24 hours, representing a seven-day high. This indicates increasing activity among key holdings, which can occasionally presage significant market moves.
However, these transactions have not resulted in a significant price decline, supporting the notion that they are internal redistributions rather than sell-offs.
Whale Activity Drives Surge in Shiba Inu Transaction Volume Despite Low Retail Engagement
The number of huge transactions has also increased significantly. In the recent 24 hours, the overall volume of major transactions hit 5.41 trillion SHIB, up from the seven-day low of 415.2 billion SHIB. Given the increase in volume, we can deduce that whale activity is a significant contributor.
Despite the increased activity, several measures point to possible problems. For example, the aggregate number of transactions on the Shiba Inu network has been pretty consistent but not very high, indicating that while whale activity has increased, retail engagement may be lower.
Photo: Microsoft Bing
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