In recent times, the Shiba Inu cryptocurrency has witnessed significant movements from its largest holders, often referred to as “whales.” Despite the meme coin’s notorious volatility, these whales have managed to more than double their transaction volumes within a mere 24-hour window. This sudden activity has sparked discussions about its potential implications on SHIB’s market value. As the price of Shiba Inu faces downward pressure, the intensified activity from these whales may indicate their role in driving sell-offs.
Shiba Inu Whale Volumes Surge by 117%
According to data from IntoTheBlock, the Shiba Inu whale volume saw a considerable increase recently. Between October 6 and 7, the volume of whale transactions more than doubled. Initially, Shiba Inu whale volumes were recorded at 1.39 trillion, translating to $25.2 million spread across 99 transactions, each exceeding $100,000 in value.
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By October 7, there was a significant 66% rise in the number of transactions involving at least $100,000 worth of SHIB tokens, escalating from 99 to 165. This suggests heightened activity among these substantial holders. Consequently, the total number of SHIB tokens transacted reached 3.02 trillion, marking a 117% increase compared to the previous day. The monetary value of these transactions also surged to $52.8 million.
The spike in whale transaction volumes aligns with a dip in Shiba Inu’s price, which fell back to the $0.000017 range. This pattern indicates that large-scale Shiba Inu holders might be actively participating in the sell-offs, exerting additional bearish pressure on the meme coin’s price.
Should the whale volumes continue to decline without a shift in price direction, it could imply ongoing sell-offs by these major investors. Conversely, if these whales were to pivot towards buying, the Shiba Inu price might experience a significant recovery.
SHIB Investors Persist Amidst Turbulence
Despite the recent dip in SHIB prices, seemingly driven by whale activity, a significant portion of investors remains profitable. Data from IntoTheBlock reveals that 714,190 out of 1.35 million SHIB holders are “In The Money,” indicating that 52.86% of all SHIB wallets are currently in profit.
In contrast, 595,770 addresses are “Out Of The Money,” representing 44.10% of the total holder base. Additionally, a smaller fraction, 41,090 addresses or 43.04%, are “At The Money,” meaning their holdings were acquired at the current market price of Shiba Inu. These holders are essentially at a breakeven point.
In conclusion, the Shiba Inu market is experiencing a tumultuous phase, driven by significant whale activities. However, the resilience of many investors indicates continued confidence in the potential of this meme coin. The next few weeks will be crucial in determining whether the whales will continue their selling spree or switch to accumulation, potentially restoring SHIB’s upward momentum.
