Shiba Inu is down 3.47% at $0.0000088
Large transactions suddenly surged 300% on the Shiba Inu network as whales swung into action following the recent market downturn.
IntoTheBlock, an on-chain analytics firm, classifies large transactions as those that exceed $100,000. In the last 24 hours, the blockchain data provider gives the number of large transactions as 16, a 300% increase in the last 24 hours.
Large transactions often reflect the actions of whales, and a rise in this metric could be due to large volumes of buying or selling by holders of this category.
Whales or large holders are typically known to make use of market declines or periods of consolidation to accumulate at a discount. Following the latest selling bout on the market, several cryptocurrencies are recording losses at press time. Shiba Inu is down 3.47% at $0.0000088.
An interesting fact amid the recent decline is that the average SHIB balance of the top 100 Shiba Inu holders tracked by crypto data tracker WhaleStats has increased marginally over the past 24 hours as their holdings remained unchanged. This may suggest hoarding.
Also, SHIB has set a new record for its long-term holders, which has risen to its highest level since the project’s inception. IntoTheBlock data gives the percentage of long-term holders, which refers to “hodlers,” or those that have held for more than a year, at 57%.
what’s Cooking?
SHIBQueenieThe official Shiba Inu Discord moderator and team lead for Shiba Inu Games posted a cryptic tweet that has caused quite a stir in the Shiba Inu community.
The tweet, which had a GIF image of a dog cooking, has raised expectations of an imminent announcement as the year draws to a close. The meaning of the tweet remains unknown, as no inkling has been provided so far.
