Shiba Inu whales have been noticed recently making a lot of moves despite the high volatility of the meme coin right now. Most importantly, these large whales more than doubled their volume in 24 hours, which could have serious implications for the SHIB price. As the Shiba Inu price is falling, the rise in the whale activity could suggest that these large holders are the ones spearheading the sell-offs.
Shiba Inu Whale Volumes Up By 117%
IntoTheBlock data has shown a notable uptick in the Shiba Inu whale volume recently. The timeframe of interest here is between October 6 and 7 when the whale volume shot up more than 2x. According to the on-chain data tracking website, Shiba Inu whale volumes were only 1.39 trillion. In dollar terms, this came out to $25.2 million across 99 transactions carrying SHIB tokens worth $100,000 or more.
By the next day, on October 7, there was a marked 66% increase in the number of Shiba Inu transactions carrying at least $100,000 worth of tokens. The figure jumped from 99 to 165, showing more participation from these large whales. As a result, there was also an uptick in the number of SHIB tokens transacted. It came out to 3.02 trillion SHIB, showing a 117% increase from the prior day’s figures. Additionally, the dollar value of the transacted tokens came out to $52.8 million.
The uptick in the whale transaction volumes coincided with the Shiba In price crash back down to the $0.000017 territory. This suggests that these large Shiba Inu whales are actively taking part in the sell-offs and their activities could be putting further bearish strain on the meme coin’s price.
If the Shiba Inu whale volumes continue to decline from here with no change in the price direction, then it could suggest that the whales are still selling. However, if these large investors were to switch to buying, then the Shiba Inu price could see a notable recovery from here.
SHIB Investors Still In The Game
Despite the most recent crash in the SHIB price that seems to be spurred on by the Shiba Inu whales, the majority of investors are still in the green. IntoTheBlock’s data points out that 714,190 address of the total 1.35 million SHIB holders are “In The Money”. This means that 52.86% of all wallets holding SHIB right now are in profit.
In contrast, 595,770 addresses are “Out Of The Money,” meaning 44.10% of the total holder base. Meanwhile, a small percentage, 43.04% or 41,090 addresses, are current “At The Money.” What this means is that the holdings of these addresses were purchased at the same price which the Shiba Inu token is currently sitting at. Therefore, this puts them at breakeven.
Featured image created with Dall.E, chart from Tradingview.com
Credit: Source link
