Shiba Inu Whale Transactions Spike 1300% In 24 Hours, What’s Going On?

January 10, 2024 CryptoExpert Finance

Shiba Inu whales look to be back in business after a couple of days of sluggish activity. There was a significant jump in the large transaction volume of the meme coin which could signal good tidings in the near future for the SHIB price.

Shiba Inu Whales Trigger 1300% Spike In Large Transaction Volume

At the start of the week, the Shiba Inu large transaction had fallen below the 1 trillion SHIB mark, something that rarely happens for the asset. This coincided with a significant drop in the large transaction numbers which had fallen as low as 19 after starting out the month of January with more than 100 transactions.

On Sunday, the SHIB’s large transaction volume sat at just 721.23 billion SHIB. At the time, this meant that large transaction volume in dollar terms was sitting at just around $6.74 million, according to data from the on-chain tracking website IntoTheBlock.

However, there was a rapid change on Monday, January 8, when the large transaction volume saw a significant surge. It went from the 721.23 billion recorded on Sunday to 9.38 trillion on Monday. In dollar figures, this means a rise from $6.47 million to $89.88 million SHIB.

Source: IntoTheBlock

There has since been a drop in the large transaction volume as recorded on Tuesday. However, the figure remains firmly above the Sunday lows. As IntoTheBlock data shows, the large transaction volume for Tuesday was 3.86 trillion, or $37.14 million, which is still an almost 500% increase compared to Sunday’s figures.

What’s Driving The SHIB Recovery?

The rise in the large transaction volume could be attributed to the increased bullish sentiment that is engulfing the crypto market. As expectations of another bull market grow, so do the expectations of investors, both small and large, and each subset of investors has begun to move coins around in preparation for either a rally or a crash.

The rise in the large transaction volume also coincided with the crash on January 8, which suggests that there could be a high level of accumulation going on. Following this, the price of Shiba Inu would rise once more and continue toward $0.00001 before being stopped.

If this accumulation continues, it could point to an increase in bullish sentiment among these large investors. In such a case, buying pressure is expected to ramp up as bulls take the reins. Thereby, causing there to be an increase in price as available supply on exchanges are swept up.

At the time of writing, SHIB is trending at a price of $0.0000095 after rising 1.3% in the last day. Although the meme coin is still seeing losses of 10.35% on the weekly chart.