The amount of major transactions involving the well-known meme cryptocurrency Shiba Inu (SHIB) has grown 165% in the last day, from 3.73 trillion SHIB to 6.18 trillion SHIB, according to statistics from IntoTheBlock.
This shift was represented monetarily by an increase in transaction volume, which went from $82.69 million to $138.2 million. Over the course of the previous day, there were 241 transactions involving whales, or the largest participants in the cryptocurrency market. It is imperative that transactions valued at least $100,000 be the only ones considered.
More SHIB in than out
Examining the data more closely reveals that inflows to whale wallets have been the primary source of large-scale movements of the well-known meme cryptocurrency Shiba Inu throughout the last 24 hours.
Consequently, 2.44 trillion was the total amount of inflows to wallets holding at least 0.1% of the SHIB in circulation. 2.26 trillion SHIB was taken out of these wallets throughout the review period. Consequently, the netflow of large holdings for Shiba Inu throughout the reviewed period was 180.46 billion SHIB, which represents a 130% increase from the day before.
SHIB, one of the most well-known meme cryptocurrencies, has seen a significant increase in transaction volume, which indicates that market activity and engagement are at an elevated level. The long-term effects of this spike in whale transactions on Shiba Inu are yet unknown, and market players are keeping a watchful eye on changes in the SHIB ecosystem.
