Transactions with Shiba Inu whales are up 229% so far this week. A 229% increase in Shiba Inu’s high transaction volume has been seen, according to data from on-chain analytics company IntoTheBlock. Specifically, there were 1.23 trillion SHIB worth of transactions during the previous 24 hours.
Transactions with a transfer of more than $100,000 are categorised as major transactions by IntoTheBlock. The total quantity of bitcoin exchanged in these transactions is determined by the Large Transactions Volume indicator in this situation.
Significant Transactions Volume estimates the total value of transactions made by whales in a single day. Increases in the number of major transactions suggest that whales are very active buyers or sellers.
Over $9.08 million was exchanged in transactions over $100,000 on the previous day, which may indicate that a sizeable portion of volume was likely purchased by major players.
This conclusion is based on the observation that whales, or huge investors, frequently take advantage of times when prices are falling to increase their holdings.
According to the IntoTheBlock “Balance by Holdings” data, Shiba Inu trillionaire addresses have a propensity to accumulate, especially those that have 1 trillion to 10 trillion SHIB as their balance has climbed over the past 30 days.
Shiba Inu price action
Shiba Inu’s price has been steadily dropping ever since it peaked on August 12 at $0.00001134. Shiba Inu was down 2.025 in the previous day to $0.00000727 at the time of writing.
While investors wait for the publication of significant inflation data later this week, the whole cryptocurrency market is trading down.
This week, the United States will release its August CPI and PPI numbers, while the European Central Bank will announce its interest rate decision. While the core inflation rate is anticipated to decrease from 4.7% to 4.5%, the year-over-year inflation rate is forecast to increase from 3.2% to 3.4%.
The good news for traders is that a comeback may be anticipated soon as the Shiba Inu price is reaching oversold levels as the daily RSI gets closer to 30.
