Shiba Inu, the popular meme cryptocurrency, is experiencing heightened whale activity. This comes amid increased volatility in the token's price. Large holders have more than doubled their transaction volumes in a 24-hour period. The surge in activity could have significant implications for SHIB's market value.
Recent data from blockchain analytics firm IntoTheBlock reveals a notable increase in Shiba Inu whale volumes. The period of interest spans October 6 to 7. On October 6, whale volumes stood at 1.39 trillion SHIB. This equated to approximately $25.2 million across 99 transactions, each valued at $100,000 or more.
The following day saw a dramatic shift. Whale transaction counts jumped 66%, from 99 to 165. This increased participation from large holders resulted in a substantial volume increase. The total SHIB tokens transacted reached 3.02 trillion, marking a 117% rise from the previous day, in dollar terms, this amounted to $52.8 million.
This surge in whale activity coincided with a downturn in Shiba Inu's price. The token's value retreated to the $0.000017 range. Market analysts suggest that these large-scale movements could be contributing to the bearish pressure on SHIB's price.
The correlation between increased whale activity and price decline has raised questions about market dynamics. If whale volumes continue to rise while prices fall, it could indicate ongoing selling pressure from these large holders. Conversely, a shift towards buying among whales could potentially trigger a price recovery.
Despite recent market turbulence, a majority of Shiba Inu investors remain in profit. IntoTheBlock data shows that 52.86% of all SHIB wallets, or 714,190 addresses, are currently "In The Money". This contrasts with 44.10% of addresses, or 595,770, which are "Out Of The Money".
A small fraction of holders, 3.04% or 41,090 addresses, are at breakeven. These "At The Money" positions were acquired at SHIB's current price level. The distribution of profitable versus unprofitable positions provides insight into the overall market sentiment surrounding the meme coin.