Shiba Inu Witnesses a Remarkable 422% Surge in Whale Transactions, the Highest in Almost a Year
In a significant development, the whale activity for Shiba Inu, representing both buying and selling actions, has surged by an impressive 422.58%. This equals a staggering $374.98 million in fiat and 28 trillion SHIB in cryptocurrency, marking the highest in the past seven days.
It’s noteworthy that Shiba Inu has reached its highest annual level in large transaction volume, registering 28 trillion SHIB in the last 24 hours. The last time such a substantial transaction volume was observed was in March 2023.
Other indicators, such as a 15,593% increase in large whale inflows and a 5,470% surge in large whale outflows, further underscore the intensified whale activity. External flows from major holders increased by 11,508%, approximately equivalent to the incoming flows.
Generally, inflows from significant holders indicate robust buying activity, while external flows signify funds leaving whale addresses. Outflows are common during periods of volatility, as major holders are more prone to selling assets to cover loans and avoid liquidation.
The positive surge of 5,470% in the net flow for major Shiba Inu holders indicates that inflows outweigh outflows, possibly attributed to whale accumulation.
Shiba Inu prices experienced a significant rise on February 29, climbing by approximately 35% from its lowest point at $0.00001145 to $0.00001475, reaching the highest levels seen since February 2023.
Read more Shiba Inu’s March Surge and Burn Rate Insights from Shibburn
Despite the pullback from its peak, Shiba Inu remains up by 39% for the week. At the time of writing, SHIB has declined by 3.54% in the last 24 hours, settling at $0.0000131.
In positive news, Blockchain Tangem announced the successful integration of the Shiba Inu Layer-2 Shibarium in the Tangem cold wallet.
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