Shiba Inu, a cryptocurrency with a dog motif, has had the biggest whale transaction volume increase in almost a year, at 422%.
Data from IntoTheBlock shows that there has been a 422.58% surge in whale activity, as seen by the high transaction volume for Shiba Inus. This is equivalent to a whopping 28 trillion SHIB in cryptocurrency and $374.98 million in US dollars. During the last seven days, this is the highest.
Notably, with 28 trillion SHIB recorded in the previous 24 hours, Shiba Inu has surpassed the annual high for huge transaction volume. This level of transaction volume was last observed in March 2023.
Other metrics that show the increase in whale activity include big holder netflows, which are up 5,470%, and large holder inflows, which are up 15,593%. The rise in large-holder outflows was 11,508%, almost equal to the inflows.
Generally speaking, inflows from large holders show strong purchasing activity, whereas outflows show money leaving whale addresses. Due to the increased likelihood of significant holders selling assets to pay off creditors and prevent liquidation, outflows are frequent during times of severe volatility.
The netflow of Shiba Inus held by major holders increased by a positive 5,470%, indicating that the number of incoming whales is greater than the number of outgoing whales.
On February 29, Shiba Inu prices surged, increasing over 35% from $0.00001145 lows to $0.00001475 highs. The six-day surge by the bulls has resulted in the SHIB price reaching record highs last observed in February 2023.
Shiba Inu has declined from its peak, although the weekly increase in the dog token is still 39%. As of this writing, SHIB was trading at $0.0000131, down 3.54% over the previous day.
The blockchain wallet Tangem has successfully integrated Shiba Inu layer-2 Shibarium into its cold wallet, which is wonderful news.
