According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced a significant 61.39% increase in large transaction volume, typically indicative of whale activity. Large transaction volume is a key metric from IntoTheBlock that shows the total amount transacted by whales on a specific day. High activity among whales, either buying or selling, is often signaled by spikes in large transaction volumes.
In recent times, there has been a decline in the volume of large transactions for SHIB exceeding $100,000. SHIB saw a substantial drop in large transaction volume, plummeting from 6.36 trillion SHIB on April 19 to 2.06 trillion SHIB on April 20. Since then, Shiba Inu's large transactions have remained steady between two trillion SHIB and 3.73 trillion SHIB, until a sudden increase on April 24. Large transaction volumes rose from 3.73 trillion SHIB on April 23 to 6.23 trillion SHIB on April 24. The monetary value of large transactions in the past 24 hours hit $162.45 million, a seven-day high.
This increase in large transaction volume is particularly noteworthy as it coincides with a broader market downturn, with major cryptocurrencies losing between 4% and 20%. Despite a 13% rise in the previous seven days, Shiba Inu was not immune to the bearish trend, falling 8.69% in the last 24 hours to $0.00002486. The resurgence of whale activity could indicate renewed interest in the dog-themed token, especially as whales often use correction periods to accumulate at a discount. The rise in transaction volume could suggest that large investors are repositioning themselves in the market, potentially in anticipation of future price movements.
The return of SHIB whales also coincides with a period of increased enthusiasm: Shiba Inu has recently secured $12 million in funding, positioning it to become a significant player in the crypto market. As SHIB whales return, investors and traders will be closely watching market trends for indications about the cryptocurrency's price trajectory.