Recent IntoTheBlock data reveals a noteworthy trend in relation to the Shiba Inu (SHIB) coin. The number of significant transactions using the well-known cryptocurrency has increased. However, a key catch that deserves attention is revealed when the figures are examined more closely.
Last Thursday, there was an astonishing 454% increase in the amount of significant SHIB transactions. The total volume of these transactions increased by an astounding $36.38 million during the course of the following 24 hours, totaling an astounding 6.36 trillion tokens.
The volume decreased during the following 24-hour period, but it remained at a very high level. The recorded value settled at $4.49 trillion SHIB ($34.38 million) on Saturday, demonstrating ongoing interest in and activity surrounding the Shiba Inu token.
The catch
Let’s look at the SHIB token movement into and out of the wallets of the big holders to add additional clarity to the data. Outflows from wallets holding at least 1% of the total token supply increased by 930 billion SHIB, totalling 1.41 trillion coins, throughout the course of the study period. Even if the value decreased slightly the next day, it still accounted for close to half a trillion tokens.
On the other hand, deposits into these wallets were rather meagre. The recorded value was 1.19 trillion SHIB on Friday before dropping to 607.59 billion tokens on Saturday. This striking contrast in the movement of SHIB tokens among the biggest holders highlights an important facet of the current activity.
While the vast number of major SHIB transactions is indeed striking, it is important to take into account the sizeable withdrawals from key holdings. This finding raises concerns about the reasons for these transactions as well as their possible market effects.
