Shiba Inu Whales Move 1.55 Trillion SHIB In 24 Hours, What Will They Do?

On-chain data reveals the surprising confusion surrounding the Shiba Inu in the middle recent broad price declines three weeks ago. Interestingly, this on-chain data presents itself with a large transaction volume of SHIB tokens on the Shiba Inu network. According to the latter data on the chain from IntoTheBlock, some dangerous Shiba Inu whales have been making waves in the past 24 hours.

IntoTheBlock’s largest transaction volume measures the total value of transactions over $100,000. This metric, which has proven to be a useful tool for tracking whale sentiment, shows that major holders have transferred 1.55 trillion SHIB tokens in the last 24 hours.

Shiba Inu Whales make a move

Over the past few weeks, the meme cryptocurrency Shiba Inu (SHIB) has seen its price rise. The token recently fell below $0.0000165, its lowest point since early March. This reduction is similar to broad bearish sentiment for many cryptocurrencies, most especially meme coins such as SHIB.

During this decline, blockchain data from ITB revealed large SHIB transactions from whale wallets. For example, more than 1.55 trillion Shiba Inu tokens (worth about $26.6 million at the current price) were qualified under a large group of transactions in the last 24 hours.

Furthermore, dialing back the transaction data shows that this was not just one day of big transactions. At the time of writing, SHIB’s largest transaction they are perfect approximately $320.16 million in the past seven days. According to the main transaction metric, 6.43 trillion SHIB was moved by the largest holders on June 24, which is the highest number set for 24 hours this week.

What do whales say?

For ordinary investors, SHIB’s whale sales can be both promising and worrisome. Crypto whales are investors who hold large amounts of a particular cryptocurrency. They have enough capital to influence market prices through their trading activity. The whales in the Shiba Inu (SHIB) ecosystem are no different.

On the surface, such large transfers may be seen as a bearish signal that the whales are betting on a period of continued price decline. While this may be partially true for some whales, it certainly won’t be true for the entire population. Another possibility is that some of these whales see the recent Shiba Inu dip as prime buying opportunity. By collecting billions of tokens on the cheap, they may try to accumulate a large portion of the expected multiplier.

Interestingly, recent price movements over the past 24 hours suggest that this may be the case. This is because at the time of writing, the price of SHIB has increased by 1.5%. Similarly, the total trading volume of SHIB across all crypto exchanges increased by 18.20% in the last 24 hours.

The featured image was created with Dall.E, a chart from Tradingview.com