Shiba Inu’s massive transaction volume hit a seven-day high, according to statistics from IntoTheBlock. The amount of major transactions over the past 24 hours reached a staggering 2.21 trillion SHIB. It’s interesting that this is the highest reading in the previous week.
The Large Transactions Volume measure, according to IntoTheBlock, gives an estimate of the total amount transacted by whales and institutional participants on a specific day.
Increases in the amount of large transactions show that institutional buyers or sellers, or whales, are aggressively purchasing or selling.
Any transfers totaling more than $100,000 are considered significant transactions according to IntoTheBlock. The number of significant transactions on SHIB increased by 43.72% on the previous day.
As SHIB has its highest price increase in the previous seven days, the impact of the enormous whale trades is evident.
Shiba Inu price rebounds
According to its daily chart, SHIB is presently up 3.66% to trade at $0.00000756, marking its highest daily gains in the previous seven days.
SHIB’s price experienced profit-taking shortly after a positive trend that reached highs of $0.0000084 on June 22 and was followed by a decrease in its values.
After SHIB hit a low of $0.000007 on June 28, the opportunity for dip buyers presented itself. As soon as the price dropped, purchasers quickly purchased the opportunity, and on June 29 the SHIB price rose again.
Since then, SHIB has maintained its gains and, if a good finish is made today, it will have seen two straight days of gains.
Significant SHIB burning was also seen during the past 24 hours. A total of 50,258,924 SHIB tokens were burnt in four transactions during the course of the last 24 hours, according to SHIB Burn Twitter.
