Shiba Inu One Of The Most-Traded Tokens By Whales, Data Shows

On-chain
data
suggests
that
large
investors
have
been
showing
interest
in
Shiba
Inu
recently
as
they
have
been
moving
a
high
number
of
SHIB
transfers.

Shiba
Inu
Large
Transactions
Have
Been
High
In
Number
Recently

As
pointed
out
by
an
analyst
in
an
X

post
using
data
from
the
market
intelligence
platform
IntoTheBlock,
the
Shiba
Inu
whales
have
been
on
the
move
over
the
past
month.

The
on-chain
indicator
of
interest
here
is
the
“Number
of
Large
Transactions,”
which
tracks
the
total
number
of
transfers
on
any
cryptocurrency
network
exceeding
$100,000
in
value.

Generally,
only
the

whale
entities
are
capable
of
making
such
large
transfers,
so
the
Number
of
Large
Transactions
may
be
considered
to
reflect
the
activity
of
these
giants.

Related
Reading

When
the
value
of
this
metric
is
high,
it
means
that
the
asset
is
observing
a
large
number
of
large
moves
currently.
Such
a
trend
may
be
a
sign
that
the
whales
are
actively
interested
in
cryptocurrency
right
now.

On
the
other
hand,
the
indicator
being
low
could
suggest
the
whales
are
looking
at
other
markets
at
the
moment
as
they
aren’t
making
many
transactions
for
the
asset.

Now,
here
is
a
chart
that
shows
the
trend
in
this
indicator
for
Shiba
Inu
over
the
last
month
or
so:

As
the
above
graph
shows,
the
number
of
large
transactions
for
Shiba
Inu
has
shown
relatively
high
values
at
different
points
in
the
past
month
and
has
also
appeared
to
be
climbing
during
the
last
few
days.

The
lower
chart
shows
the
data
for
another
metric,
the
“Large
Transactions
Volume.”
This
indicator
measures
the
total
volume
of
transactions
greater
than
$100,000
combined
moving
on
the
network
every
day.

It
would
appear
that
while
the
number
of
transfers
happening
on
the
network
right
now
is
similar
to
that
seen
during
the
spike
earlier
in
the
month,
the
volume
back
then
was
notably
larger.

This
would
naturally
suggest
that
the
whale
transfers
currently
taking
place
aren’t
of
the
same
scale.
Nonetheless,
the
metric
isn’t
at
particularly
low
levels,
either.

“Large
whale
transactions
have
amassed
around
30
trillion
SHIB
in
May,
making
Shiba
Inu
one
of
the
most
traded
tokens
by
whales
so
far
this
month,”
notes
the
analyst.

Related
Reading

Now,
what
does
this
high
whale
activity
mean
for
the
memecoin’s
price?
Since
these
indicators
don’t
differentiate
between
buying
or
selling
transactions,
it’s
hard
to
say
anything
about
where
the
coin
might
go
based
on
them
alone.

One
thing,
however,
that’s
usually
true
is
that
whales
being
active
can
induce
higher

volatility
in
the
price.
As
such,
Shiba
Inu
may
be
more
likely
to
witness
sharper
price
action
if
these
humongous
entities
continue
to
make
moves.

SHIB
Price

At
the
time
of
writing,
Shiba
Inu
is
floating
around
$0.0000241,
down
more
than
2.5%
over
the
last
seven
days.

Featured
image
from
Dall-E,
IntoTheBlock.com,
chart
from
TradingView.com