Massive spike in large transactions had lead-up to Shiba Inu’s impressive rise earlier
Large holders of Shiba Inu, or whales, appear to be timing the market, as evidenced by a large move in SHIB prices coupled with a significant increase in large transactions. According to IntoTheBlock, an increase in large transactions is usually associated with increased activity by whales, who are either buying or selling, and a transaction typically exceeds $100,000. In the past 24 hours, there was an 84% increase in large trades as the price of the Shiba Inu increased marginally by 2%.
It is noteworthy that a massive spike in large transactions had a lead-up to Shiba Inu’s impressive rise earlier in August. On-chain analytics firm Santiment noted this shortly after Shiba Inu rose 35%: “Shiba Inu has been on the move this weekend, and is up 34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months.”
Amid the latest sell-off in the market, Sentiment also noted that the timing coincides with an explosion of large transactions on the network. It said in a tweet, “Both Dogecoin and Shibanoo have experienced major price corrections following their respective Tuesday and Sunday tops. As is often the case, whales depict ideal profit-taking moments when their large transactions each The network exploded.”
Shib burn rate jumps by 156%
According to the Shibburn Twitter handle, over 105,084,459 SHIB tokens have been burned in 23 transactions made over the last 24 hours. Notably, the Shib burn rate continued its increase, up 156% presently.
At the time of publication, SHIB was trading at $0.00001314. The Shiba Inu was a top gainer in 2021, rallying millions of percent to reach an all-time high of $0.000088 in October 2021. The Shiba Inu is down around 85% from this peak at current prices, which is no different from other cryptocurrencies. Bearish market conditions that have prevailed since the beginning of 2022.
