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 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.
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:
The value of the metric appears to have been going up in recent days | Source:
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.
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.
Looks like the price of the memecoin has been going down over the last few days | Source:
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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