With the strong return of whales, Shiba Inu (SHIB)'s large transaction volume will explode by 588%
In less than 48 hours, amidst the chaos, extreme fear, greed, and uncertainty in the cryptocurrency market, the price of Shiba Inu (SHIB) fell 23% and rose 28%. As a result, the quote for this popular meme-inspired cryptocurrency reached $0.000011 – a level not seen since March this year. One thing is for sure, buyers appreciated this price for SHIB, as shown by the long wick on the Shiba Inu chart.
With the help of on-chain data, we can estimate the trading volume of SHIB during this price turmoil. In particular, the trading volume of the largest participants (known as whales in financial markets) who are responsible for driving prices and setting trends.
Thus, according to IntoTheBlock, the volume of large transactions in the past 24 hours totaled 9 trillion SHIB, or $119.82 million. These calculations took into account only SHIB transactions of at least $100,000, and there were 185 such transactions during the period under review. In comparison, the volume of SHIB transactions the day before was only 1.53 trillion tokens, an increase of 588%.
Currently, the Shiba Inu price is $0.00001388 and its market cap is $8.18 billion, which guarantees this popular meme-inspired cryptocurrency the 13th spot in the top ranking.
