Large transactions often act as proxy for whales’, or large players’, activity
According to data from IntoTheblock, large holders of Shiba Inu, or whales, seem to be timing the SHIB price movement as large transactions have increased by 275%.
Seventy-five large transactions, which refer to those greater than $100,000, were recorded for the Shiba Inu network in the last 24 hours.
Large transactions often act as a proxy for the activity of whales or big players. An increase in this metric often suggests increased activity by whales, who are either buying or selling. It is noteworthy that the huge increase in large transactions led to the Shiba Inu’s impressive growth in August. This was noted by on-chain analytics firm Sentiment shortly after the Shiba Inu rose 35%.
The sell-off on the market earlier in August also coincided with an explosion of large transactions on the network. The Shiba Inu ecosystem is gaining traction as the governance token, BONE, pulled off an impressive 150% rally. As reported by U.Today, trading volumes surged as a result by nearly 447%.
According to WhaleStats data, Bone was ranked as the most traded token among the top 100 ETH whales as a result.
Shiba Inu price action
SHIB, the 14th largest cryptocurrency, has a market capitalization of $6.86 billion and currently trades up 2.70% at around $0.0000125, according to data from CoinMarketCap.
As a result, about 242 million SHIB tokens have been burned in the last 24 hours, and the burn rate has increased.
On Aug. 28, Shiba Inu breached and closed below the immediate support level of $0.000012, but the bears were unable to capitalize on their position. This indicates that bulls are accumulating the dip.
If buyers hold price above the MA 50 ($0.000012), the Shiba Inu may attempt to rally to the overhead barrier at $0.000014. If the price falls from this level, SHIB may close in the range between $0.000012 and $0.0000014 for some time. If the bulls push and sustain the price above $0.0000014, SHIB is likely to move higher towards the $0.000018 level. However, SHIB should remain above the intraday low of Aug 28 to maintain a positive outlook.
