Shiba Inu Sees 360% Spike in Large Transactions as Big Traders Step In
thecryptobasic.com 01 October 2024 08:38, UTC Shiba Inu experiences a notable surge in whale activity, with large transactions driving liquidity.
Recent data from Santiment has revealed a significant rise in whale activity among top cryptocurrencies, with Shiba Inu (SHIB) emerging as a key performer. This increase has drawn attention due to the notable whale transaction count, which surged by 360.18% for transactions exceeding $100,000.
Despite this jump, SHIB’s market price has experienced a decline over the same period. Shiba Inu’s whale activity places it ahead of several top cryptocurrencies by percentage rise in whale transactions. It follows only Injective (INJ) and Wrapped Bitcoin (WBTC), which saw rises of 456% and 421%, respectively.
In contrast, other cryptocurrencies such as MakerDAO’s DAI, PEPE, and Tether’s USDT saw comparatively smaller rises in whale activity, trailing behind SHIB.
Whales Dominate Shiba Inu Transactions
While whale activity surged, SHIB’s price dropped by 1% over the past day, trading at $0.000018. In contrast, over the last week, SHIB has experienced an uptrend, showing a consistent price increase as well as increased transaction volume. SHIB’s daily trading volume remained robust at $573.54 million, registering a 5.65% rise.
Notably, data from IntoTheBlock has confirmed that high-activity addresses have contributed to the influx of the transaction count. These addresses, representing 41.73% of SHIB’s total whale accounts, have been actively driving liquidity and contributing to market movement. In contrast, low-activity whale addresses represent a smaller portion, ranging between 1.17% and 3.89%.
The data also show that the majority of retail investor addresses exhibit low activity, with the highest percentages ranging between 0.82% and 0.95%. They particularly demonstrate lower engagement in comparison to the whales.
Continued Optimism for Shiba Inu
Elsewhere, a market analyst recently predicted that Shiba Inu might experience a price surge in October, spurred by increased trading optimism. This period, often referred to as “Uptober” by cryptocurrency traders, has historically seen upward trends in the market.
SHIB KNIGHT has identified potential price targets for Shiba Inu ranging from $0.00002148 to $0.00002421. Despite the recent price decline, SHIB’s whale activity and market sentiment suggest a potentially strong performance in the coming month.
