Gamza Khanzadaev
Amid SHIB price turmoil, major Shiba Inu owners record 436% increase on-chain
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As revealed by the data, into the blocklarge trading volumes involving the popular meme cryptocurrency Shiba Inu (SHIB) have increased by more than 400% in the past 24 hours.
Digging deeper into the data, the volume of large trades increased from SHIB 1.4 trillion to SHIB 6.11 trillion, an increase of 436%. In terms of value, the large trading volume of the Shiba Inu token increased by $42.75 million to $171.74 million, an increase of 401.7%. Overall, the number of large transactions, defined as totaling $100,000 or more, increased to 276, 119 more than the previous day.
The difference between monetary growth and physical growth in large-scale transactions can be attributed to the decline in the price of Shiba Inu tokens during the current period. In fact, the price of SHIB has fallen by almost 7% in the past 24 hours. Furthermore, the decline continues, with a total drop of nearly 15% since the beginning of the week. SHIB is currently trading at $0.0000262.
Bulls, Bears, and Whales
Clearly, the increase in large-scale token trading is due to the fairly wide-ranging price movement of the Shiba Inu token. It is likely that many large players and their SHIB holders added to this drawdown by selling their tokens.
However, it is undeniable that some major SHIB whales perceived the low price of Shiba Inu token as a discount and decided to strengthen their position in this token instead.
Who will win among the Shiba Inu: the bull, the bear, or the whale is probably one of the most interesting questions in the current cryptocurrency market.
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Gamza Khanzadaev
