An unusually high volume of large transactions has occurred with the Shiba Inu over the past two days, according to blockchain analytics firm IntoTheBlock.
On October 17th and 18th, the platform recorded over $40 million worth of SHIB transfers worth at least $100,000. The totals equated to 5.56 trillion and 5.96 trillion SHIB moved, respectively. The spike in large transactions follows two major SHIB transfers earlier this week that appear to be the primary drivers.
Also read: Basel Committee Proposes New Crypto Disclosure Rules for Banks
Large Shiba Inu transactions occur regularly
On October 16th, two singular transfers of over 1 trillion SHIB tokens occurred, valued at $11.5 million each. These two events likely induced follow-on activity.
While large individual wallet movements occur regularly, seeing such an abnormal spike of high-value Shiba Inu transactions is noteworthy for short-term price action.
Also read: Shiba Inu Team Warns of Fake Telegram Channel Promoting Scam
Massive token shifting can signify increased intent for accumulation or distribution by major holders. It also reflects amplified trading volumes in the asset.
For now, it remains unclear whether this spike in whales and institutions moving Shiba Inu is indicative of a coming price trend. However, the elevated activity shows heightened involvement from crucial large players within the ecosystem.
Credit: Source link