These transactions surpass $100,000 transferred, according to IntoTheBlock
According to data from IntoTheBlock, large Shiba Inu transactions have increased nearly 68% in the past 24 hours. Large transaction spikes are usually linked to increased activity by institutional players, or whales, buying or selling. These transactions exceed the $100,000 transferred, according to IntoTheBlock.
Shiba Inu posted a rebound on May 10 as whales or large holders scurried to buy the dip amid its drop to lows of $0.000013 during the May 9 cryptomarket carnage. This subsequently led to Shiba Inu ranking as the eighth most purchased asset by the top 500 ETH whales, as reported earlier by WhaleStats.
Blockchain data tracker reports on ETH Whale “BlueWhale0073” bought 191,883,317,886 SHIBs worth $3,098,915 in the last 24 hours.
The situation seems to be different for the top 100 ETH whales as SHIB appears to have relinquished this position to Synthetix (SNX). Shiba Inu’s price tumbled in a fresh market selloff on May 11 to attain lows of $0.0000112, so it seems that the top whales may be looking for a comfortable entry point in the buying market.
Shiba Inu, however, remains the primary wallet of the top 1,000 ETH wallets, as these whales collectively hold $898,934,389 SHIB. Shiba Inu is attempting a rebound after falling to intraday lows of $0.000011.
At the time of publication, SHIB was trading at $0.000014, still down 14.8% in the last 24 hours per CoinMarketCap data. Despite the recent plunge, Shiba Inu continues to attract more holders. According to WhaleStats, the total number of SHIB holders is currently 1,148,721, representing an increase of over 9,000 holders since the start of May.
As noted in an official Shiba Inu blog post, Shiba Inu’s major financial components, Shibarium, SHI, and SHIBFE, are currently in development and nearing completion. Lead Shiba Inu developer Shytoshi Kusama says in the blog post, “I decline to give specific dates at this time, but expect to see one or more of these technologies before the end of the summer or early in the fall.”