While the cryptocurrency market appears to be struggling with Bitcoin’s recent dip below the $50,000 mark, Shiba Inu (SHIB) holders are demonstrating resilience. Despite the broader market’s turbulence and significant sell-offs, the dog-themed cryptocurrency has witnessed a remarkable increase in large transactions over the last 24 hours.
Significant Uptick in Shiba Inu Transactions
Data from IntoTheBlock, a leading on-chain analytics platform, highlights this intriguing trend. According to the platform’s ‘Large Transaction Volume’ metric, there has been an impressive 34.5% rise in the volume of large SHIB transactions in the past 24 hours. Since the beginning of September, this metric has surged by an astounding 266.5%, indicating a growing interest from substantial investors in SHIB.
Shiba Inu Whale Volume Increases Drastically
The data reveals that large SHIB transactions, defined as those valued at $100,000 or more, have seen a massive increase since the start of September. Over the past 24 hours alone, the total volume of these significant trades has exceeded 2.65 trillion SHIB, equivalent to approximately $35.9 million. This surge is particularly noteworthy given that the SHIB whale movement began the month on a bearish note. Large SHIB transactions fell from 3.52 trillion SHIB on August 30 to 723 billion SHIB by September 1, reflecting the prevailing sentiment among major SHIB holders at the time.
Generally, a drop in whale activity signals weakening sentiment, as large investors tend to pull back when they lose confidence in a digital asset. However, the recent data suggests a potential shift in sentiment, with a noticeable resurgence in interest among significant SHIB holders over the past 24 hours. Although this increase in activity could also indicate sell-offs, the simultaneous rise in SHIB’s price during this period implies accumulation by some large holders rather than liquidation.
What’s Driving The Increase?
The exact reasons behind the increase in whale activity remain unclear, especially given the lack of strong bullish catalysts in the industry over the past few days. One noteworthy development was the burning of a substantial 96 million SHIB tokens in a single transaction, which garnered significant attention within the community. Even Justin Sun, the founder of Tron, lauded Shiba Inu’s token-burning mechanism.
Additionally, the Shiba Inu decentralized autonomous organization (DAO) recently concluded a voting process on the allocation of funds within the ecosystem. The successful completion of this vote reinforced the decentralized, community-driven nature of the Shiba Inu ecosystem, likely boosting investor confidence.
Another factor contributing to the positive sentiment is the launch of “Agent Shiboshi,” a new game developed within the Shiba Inu ecosystem for the iOS platform. This new development has excited the community and appears to be driving renewed interest in SHIB.
As of the time of writing, SHIB is trading at $0.0000135, marking a 2% increase in the past 24 hours. Despite the low price, the recent uptick in whale activity and positive developments within the ecosystem suggest a potential shift in market sentiment towards Shiba Inu.
For further insights and analysis, stay tuned to our updates on the evolving cryptocurrency landscape.
