The crypto industry might be looking unfavorable in terms of price increases with Bitcoin’s break below $50,000, but Shiba Inu (SHIB) holders seem to be defying the odds. Despite the overall market turbulence and significant selloffs, the dog-themed cryptocurrency has experienced a noticeable uptick in large transactions over the last 24 hours.
This interesting trend surrounding Shiba Inu is noted through data from IntoTheBlock, an on-chain analytics platform. Notably, the platform’s ‘Large Transaction Volume’ metric reveals an impressive 34.5% rise in the volume of large transactions in the past 24 hours. Since the beginning of September, this metric has surged by a remarkable 266.5%, suggesting growing interest from large investors in SHIB.
Shiba Inu Whale Volume Increases Drastically
Data from IntoTheBlock indicates that large SHIB transactions, which are transactions valued at $100,000 or more, have increased massively since September started. This metric reveals that the total volume of these substantial trades has surpassed 2.65 trillion SHIB in just the past 24 hours, translating to a value of approximately $35.9 million.
This is particularly notable because the SHIB whale movement started the month on a bearish note. According to the metric, large SHIB transactions dropped 3.52 trillion SHIB on August 30 to 723 billion SHIB on September 1, which is a testament to the prevailing sentiment among large SHIB holders at the time. In general, a drop in whale activity often signals a weakening sentiment, as large investors tend to scale back when they lose confidence in a digital asset.
However, the latest data points to a potential shift in sentiment, with an apparent resurgence in interest among significant SHIB holders over the past 24 hours. Although this uptick in activity could also be selloffs, the simultaneous increase in SHIB’s price during this period suggests accumulation by some large holders rather than liquidation.
What’s Driving The Increase?
It’s unclear what might be driving the increase in whale activity, especially since the industry hasn’t had any strong bullish catalyst in the past few days. One notable development was the burning of a massive 96 million SHIB tokens in a single transaction, which attracted attention across the community. Even Justin Sun, the founder of Tron, praised Shiba Inu’s token-burning mechanism.
This Shiba Inu decentralized autonomous organization (DAO) also recently concluded a voting process on how to utilize some funds available for the ecosystem. The successful conclusion of this vote reinforced the decentralized, community-driven nature of the Shiba Inu ecosystem, likely boosting investor confidence.
Another factor that may be contributing to the positive sentiment is the launch of “Agent Shiboshi,” a new game developed within the Shiba Inu ecosystem on the iOS platform. At the time of writing, SHIB is trading at $0.0000135 and is up by 2% in the past 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
