Shiba Inu large holders are making moves on market
According to CoinMarketCap data, Shiba Inu (SHIB) has seen a 92% jump in trading volume despite a recent market slump. Following the FTX decline, the cryptocurrency market is witnessing another round of selloff due to fresh bankruptcy fears.
Twenty-one trillion SHIB, or 21,077,273,261,062 SHIB worth $184,023,792, have changed hands in the last 24 hours. Higher volatility often leads to higher trading volumes for most crypto assets as traders buy or sell large amounts to make gains.
Thus, the increase in SHIB volumes could be due to investors accumulating SHIBs at their current low levels. At the time of writing, the Shiba Inu was down 4.57% to $0.0000086.
SHIB furthered its decline on Monday after bulls could not make headway past the $0.0000092 mark on Nov. 20. The RSI has flattened below the 50 mark, suggesting possible range trading before the next move. As SHIB continues to oscillate within its current range, whales who are typically known to take advantage of periods of dips or consolidation are accumulating.
Last day Mohd. whalestats SHIB was reported to be one of the top bought tokens for the 500 largest ETH whales.
SHIB large transactions up 400%
Shiba Inu large holders, or whales, are making moves on the market as the number of large transactions is seeing its biggest increase in weeks.
According to IntoTheBlock, an increase in large transactions is typically associated with increased activity from whales, who are either buying or selling, and transactions typically exceed $100,000. In the last 24 hours, there has been a massive 400% increase in large transactions.
