Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- The transaction volume of Shiba Inu recently reached a high for the past week.
- A surge of large acquisitions typically precedes a notable price shift for Shiba Inu.
The transaction volume has soared by an impressive 361.39% over the last 24 hours, indicating that Shiba Inu whales are making significant moves. The previous day’s total for substantial transactions of Shiba Inu was $46.45 million, now rising to $68 million.
As per IntoTheBlock data, the transaction volume for Shiba Inu has recently achieved a weekly peak. An astounding 6.36 trillion SHIB was transacted in the last 24 hours.
This is, unexpectedly, the highest volume recorded in the past week. IntoTheBlock suggests that the Large Transactions Volume Indicator can be utilized to gauge the daily transaction volumes executed by whales and institutional investors.
Price Increase Expected
Related Posts
Rises in transaction activity frequently indicate that substantial buyers or sellers have entered the market. IntoTheBlock categorizes transactions exceeding $100,000 as “large.”
The price of SHIB has historically varied in response to significant surges in large transactions. A series of substantial purchases usually precedes a considerable price adjustment for Shiba Inu. Typically, a number of large transactions occur concurrently with price increases.
Nonetheless, the large transactions by whales have indicated opportune moments for profit-taking by flooding the network. Following earlier declines this week, the Shiba Inu price is anticipating a rebound.
The SHIB price experienced a notable rise on July 7, peaking at $0.000007414. The price of SHIB has increased by 1.28% in the last 24 hours, reaching $0.0000073, although the ecosystem tokens BONE and LEASH have performed even better, with the latter rising by 68% over the last day.
In contrast, earlier this week, Shiba Inu leader Shytoshi Kusama hinted at a potential launch date for Shibarium Layer 2 in a blog post.
Highlighted Crypto News Today:
Shibarium Release Fuels A Green Spot Trio in the Crypto Market
