Shiba Inu is seeing a massive surge in large transaction volume amid price slash.
Expert calls for Shiba Inu adoption is growing across the board.

Recent data from InTheBlock brought to light activities in the Shiba Inu (SHIB) ecosystem, revealing that the volume of large transactions involving the meme coin has risen by 436% in the past 24 hours. 

These large transactions from investors trading at least $100,000 increased from 1.4 trillion SHIB to 6.11 trillion SHIB. In monetary terms, this translates from $42.75 million to $171.74 million.

Interpreting of SHIB’s Large Transactions Surge

Looking at the figures from IntoTheBlock, it is easy to assume that such a huge increase in large transaction volume indicates a bullish signal for SHIB. This assumption stems from the idea that a heightened movement suggests a growing confidence among institutional traders. However, a different picture is shown when looking closely at the price movement of SHIB.

Marketcap data reveals that the price of SHIB dropped by about 7% in the last 24 hours to trade at $0.0000262.

This amounted to an overall loss of about 15% within the last 7 days and 32% in a month. Additionally, the market cap also decreased by a minimal 0.23% to $15.7 billion in the past day, while trading volume increased by 6.5% to $684 million.

There is a seeming contradiction between the increase in large transactions and the price drop, which has raised an important question of who amongst the bulls, bears, or whales has the upper hand in the SHIB market. 

One may argue that the rise in large transaction volume is an indication of institutional or high-net-worth investors’ confidence. Typically, these structures might see the price decline as a favorable opportunity to buy SHIB at a discount, thus, increasing their holdings in the meme coin.

On the other hand, SHIB’s price decline may be a sign of bearish sentiments in the market. Retail investors may be offloading their assets in response to the decline, putting additional downward pressure on SHIB.

The third perspective involves activities from large investors commonly referred to as “whales.” Some whales may see the price drop as an opportunity to amass more SHIB, using their large holdings to influence the market.

What the Future Holds for SHIB

While these factors have been noted to be influencing SHIB’s price at the moment, other factors such as investors’ behavior, market sentiment, and even developments within the SHIB ecosystem are anticipated to shape its price in the future.

As previously reported by Crypto News Flash, Shiba Inu recently released the latest edition of its magazine, ‘The Shib.’ The magazine covered developmental activities for the Shiba Inu ecosystem, ranging from NFTs to collaborative projects.

Adding to the positive development for SHIB, Davinci Jeremie, a strong Bitcoin supporter, recently declared his support for the meme coin’s inclusion in financial portfolios. Per Crypto News Flash’s earlier announcement, Jeremie had expressed his support for Shiba Inu when it was selling at $0.0000079.

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Filed under: Bitcoin - @ April 6, 2024 3:31 am