Shiba Inu’s (SHIB) major indication of whale activity has increased by a staggering 987%, according to data from IntoTheBlock.
Shiba Inu has had a 987% increase in big transaction volume, an indicator that gauges the total amount moved in large transactions, or those above $100,000.
Daily data from IntoTheBlock show that significant transaction volumes in the previous 24 hours totaled $70.73 million.
Large transaction volume, a pertinent indicator, gives an indication of the entire amount of business conducted by whales on a given day.
Large transaction volumes rising might be a sign of greater whale activity, either buying or selling. The biggest amount of SHIB ever transferred in the previous seven days, 10.23 trillion, was moved in the prior 24 hours.
A significant transfer of SHIB tokens worth $31,520,723 totaling 4,554,030,677,374 took place on October 20 and contributed to the rise in major transactions.
Transactions volumes increase
From 2.55 trillion SHIB on October 19 to 11.48 trillion SHIB on October 20, Shiba Inu recorded a substantial rise in transaction volume. The total number of transactions that are logged on a chain is known as the transaction volume.
To spot reversals and breakouts, one might use transaction volumes. An increase in this metric might signal panic selling by holders as well as significant investors buying despite the unpredictability.
SHIB was trading at $0.00000697 at the time of writing, up a little over the previous day. After a two-day rising trend, the cryptocurrency is up 0.07% for the week as bulls attempt to hang onto their gains.
SHIB bounced back on October 19 after falling as low as $0.00000687, and if the price ends higher today, it will have gained for three straight days.
