In a surprising turn of events, nearly three trillion Shiba Inu tokens were transferred in the last 24 hours. Even more striking, an average of 2 trillion Shiba Inu tokens have exchanged ownership in the previous twenty-four hours alone. This raised the hopes of a significant movement affecting the blockchain at its initial stage. However, closer scrutiny shows that the activity deviates from this asset’s significantly augmented volume, which is usually expected.
Large SHIB transactions surged from a seven-day low of 101 to 127 in the past 24 hours. This increase means the signal light is on, and attention or activity is up within the network. The SHIB token was involved in these various transactions, and about two trillion tokens were exchanged. That said, the extent of the turnout, as signified by the figure, is quite remarkable and needs to be compared with the weekly trends. Seeing is believing so the seven-day volume to the peak on June 11 was 21 trillion SHIB –more than double today’s daily trading volume pattern indicates that the recent rise traces its origin to regular activity within the network area.
Read Also: Crypto-Friendly Ex-Speaker Pushes for U.S. Stablecoin Legislation
SHIB Stable Amid Major Wallet Transfers
Despite these substantial transactions, the price of SHIB remained relatively stable, with only minor fluctuations on the charts. Given these large transfers, this relative stability means that the market likely did not experience these as trading activity but more likely as internal transfers or changes of wallets. These movements may also be due to a shift in funds to/or from an exchange, a switch of major investors, or their preparation for an announcement.
Advertisement
Sometimes, it is hard to ascertain who is responsible for such transactions due to a lack of signs. Nevertheless, since the SHIB price remains unchanged, the event with AMM was not due to the market. Despite rather significant transfers, the situation indicates a different cause: the current state of affairs does not signal specific market trends seen during periods of substantial power transfer.
Some of the possible consequences that may affect the market
The phenomenon of significant transactions in SHIB combined with the constant price of the token eliminates the idea of using SHIB for speculation. This may be informational, linked to some internal organizational changes within the exchanges, or a change in significant holders. Such internal realignments may impose themselves without dramatically affecting the market price.
Crypto users should remain vigilant and await more details or explanations from large exchange holders or investors. The trends, tone, and underlying motivations of such a significant value transaction may have helped anticipate further market directions or other future announcements.
The recent transfer of three trillion Shiba Inu tokens has triggered discussions among crypto enthusiasts. However, the fact that the price of SHIB remains relatively stable during these transactions refutes the theory that the market drives these transactions. That is why, as the situation unfolds and turns into an active stage, new data from significant market participants will be essential to estimate the effects of these significant transactions.
Read Also: Top Shiba Inu Holders Signal Bullish Sentiment with Reduced Exchange Holdings
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.