A recent study of on-chain data shows that major investors are becoming more interested in Shiba Inus, as shown by a noticeable rise in SHIB transfers. An analyst uses data from the market intelligence platform IntoTheBlock to show how busy Shiba Inu whales have been moving over the past month.
“Number of Large Transactions,” a metric that tracks transfers worth more than $100,000 in any cryptocurrency network, is what this study is all about. Because of the large amounts involved, these deals usually come from “whale” companies, showing how active they are in the market.
Shiba Inu Whales Active
High values in this metric show that large transfers are happening more often, which suggests that “whale investors” are still involved in the cryptocurrency area. On the other hand, a drop in the measure could mean that whales are turning their attention to other markets.
Looking at the trend over the last month, Shiba Inu has seen peaks in the number of big transactions every so often, with the last few days showing an upward trend. Another important measure, “Large Transactions Volume,” shows that there are large amounts of transfers every day that are worth more than $100,000, though not as many as earlier in the month.
The analyst talks about the data and says that a total of 30 trillion SHIB was transferred in May alone. This makes Shiba Inu one of the most regularly traded tokens by whales during this time.
Even though there are a lot more whale deals, it’s still hard to tell how the price of Shiba Inu will change because these indicators can’t tell the difference between buying and selling. There is, however, evidence from the past that higher whale behavior is often linked to higher price volatility. As a result, Shiba Inu prices could change more quickly if these important organizations keep their transactions going.
As of the most recent report, the price of Shiba Inu is around $0.0000241. This is down more than 2.5% in the last week.
