According to on-chain site IntoTheBlock, Shiba Inu (SHIB) has seen an unexpected spike in big transactions, with a total of $110.53 million transacted in the last 24 hours.
This exceptional activity amounts to a staggering 7.22 trillion SHIB in tokens, which is a phenomenal 275% rise.
Significantly, this increase coincides with a significant 11% price decline for the Shiba Inu token, which fell from $0.00001195 to $0.00001 on the previous day.
Large players participated in 186 transactions, each with a minimum amount of $100,000, despite the market dip, adding to a total volume of 10.72 trillion SHIB.
Big participants on the SHIB market may not have sold their shares at this time, despite what data from Large Holders Inflow indicates. They actually added a whopping 6.32 trillion SHIB to their holdings, a whopping 407% gain from the day before.
The seeming inconsistency between increasing whale activity and declining prices points to a calculated action by important players. It seems that a lot of market players decided to cash in on their gains following SHIB’s remarkable 45% price increase since the start of December, which led to the latest sell-off.
On-chain data, on the other hand, paint a different picture, showing that the biggest participants not only survived the storm but also actively added to their SHIB throughout this time.
