- Whale transactions involving SHIB surged by 454.16%, indicating significant market activity.
- Despite market fluctuations, the average holding time for SHIB coins suggests strong long-term investor confidence.
In a recent turn of events, the dog-themed cryptocurrency Shiba Inu (SHIB) has observed a significant uptick in whale activities, as reported by blockchain analytics firm IntoTheBlock. The data reveals an astonishing 454.16% increase in large transactions involving SHIB, totaling a staggering $112.96 million in just the past day.
Unprecedented Whale Movements
The platform registered 34 large transactions, each exceeding the $100,000 mark, marking a substantial rise in big player engagements within the Shiba Inu ecosystem. These transactions escalated from 2.18 trillion SHIB on February 21 to an overwhelming 11.77 trillion SHIB by February 22, setting a new record for the highest transaction volume witnessed in the last seven days.
This surge is a clear indicator of heightened activity, potentially signaling massive buys or sells by these whales.
Furthermore, the Shiba Inu blockchain saw a notable increase in daily active addresses, with a 25.33% rise to 3710 addresses. This uptick suggests a growing interest and participation in the Shiba Inu market, reflecting a broader engagement beyond just the whale community. For a deeper dive into these developments, a detailed explanation is available in this Youtube video.
Market Price Dynamics
Despite the increased activity, SHIB bulls faced challenges in pushing the cryptocurrency’s price above the $0.00001 threshold. The price faced rejection at $0.00000996 on February 20 and has been on a downward trajectory since. However, now the price has started to recover slightly by 0.40% in the last 24 hours to $0.000009636.
[mcrypto id=”435420″]This decline is part of a broader trend in the crypto market, which has seen general price declines. Should the downward trend continue, this meme coin would mark its third day in the red out of four since February 20.
An intriguing aspect of the current market dynamics is the Holding Time of Transacted Coins indicator, which has surged by 652.17% over the last week.
This metric, which gauges the average duration coins are held before being traded, suggests a strong confidence among SHIB holders in the cryptocurrency’s long-term prospects. The average holding time for transacted coins on February 22 was notably one year, indicating a substantial commitment from investors.
