Last updated on May 18th, 2024 at 11:55 am
Shiba Inu continues to be in the news as it records a massive 2000% surge in its large transaction volume. This exponential increase signifies the activities of whales in the market.
Live data from IntoTheBlock (a crypto and AI intelligence platform) show a staggering outflow of $67.2 million (equivalent to 8.9 trillion SHIB) worth of Shiba Inu tokens from the market, consequently leading to a 2187.14% increase in its large transaction volume.
This amount of Shiba Inu seen in the large transaction data represents the largest over the past week. For context, a live transaction volume is a measure of transactions valued above $100,000.
This volume gives an insight into the activities and total amount transacted by institutional investors and whales on a particular day. A surge in the large transaction volume of an asset indicates the buying and selling activities among institutional traders or whales. In this case, over 85% of the large tax volume is “out of the money.”
Advertisement
The market has witnessed some significant transfers of Shiba Inu (SHIB) within the last few days. The most recent, as recorded by WhaleAlert shows a staggering 4.6 trillion SHIB tokens moved from Amsterdam-based crypto exchange Bitvavo to an anonymous wallet. The 4.6 trillion Shiba Inu tokens equate to $35,694,206 ($35 million).
🚨 🚨 4,615,530,677,374 #SHIB (35,694,206 USD) transferred from #Bitvavo to unknown wallethttps://t.co/ZtTK0oWWWn
— Whale Alert (@whale_alert) September 4, 2023
Major Shiba Inu updates
On September 3, Kaal Dhairya – a Shiba Inu developer, gave major updates to the Shiba Inu community regarding progress in the ecosystem. Per the update, a hosted version of Blockscout Explorer is now accessible on Shibariumscan.
This development allows the dedicated Shiba Inu protocol team to pay more attention to the network and its upgrades, simultaneously allowing the Blockscout team to ensure that the explorer remains fully operational, and the chain 100% indexed.
Also, Lucie, Shiba Inu’s marketing strategist, revealed via a post on X that users should expect an increased Shibarium gas fee as it will be beneficial for SHIB burn. She went on to explain that higher traffic on the Shibarium network will drive up the gas fees which will in turn be advantageous for burning SHIB.
Shiba Inu (SHIB) price today
Source: CoinMarketCap
At the time of writing, Shiba Inu is currently trading at $0.0000075. This represents a 1.57% drop in price in the last 24 hours. What’s more, SHIB has a 24-hour trading volume of $99,729,310 ($99.7 million) with a live market cap of $4,471,144,965 ($4.4 billion). Ultimately, Shiba Inu is ranked #16 on the global cryptocurrency market chart with a circulating supply of 589,346,914,631,298 (589 trillion) SHIB.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.