While the crypto market faces price declines, especially with Bitcoin dipping below $50,000, Shiba Inu (SHIB) holders are showing resilience. Despite market uncertainties and significant sell-offs, the dog-themed cryptocurrency has witnessed a notable increase in large transactions in the last 24 hours.
Notable data from IntoTheBlock, an on-chain analytics platform, reveals a remarkable 34.5% surge in large transaction volume for Shiba Inu in the past day. Since the beginning of September, this metric has soared by an impressive 266.5%, indicating a rising interest from major investors in SHIB.
Surge in Shiba Inu Whale Volume
IntoTheBlock data shows a substantial increase in large SHIB transactions (valued at $100,000 or more) since the start of September. The total volume of these significant trades has exceeded 2.65 trillion SHIB in the past 24 hours, equivalent to around $35.9 million.
It is noteworthy that large SHIB transactions witnessed a bearish start in September. Initially, these transactions dropped from 3.52 trillion SHIB on August 30 to 723 billion SHIB on September 1, reflecting the prevailing sentiment among major SHIB holders during that period.
However, the latest data suggests a potential sentiment shift, indicating a resurgence in interest among significant SHIB holders recently. While this increased activity could involve sell-offs, the rise in SHIB’s price during this period hints at accumulation by some major holders rather than liquidation.
Factors Driving the Surge
The exact drivers behind the surge in whale activity remain unclear, particularly as there haven’t been significant bullish catalysts in the industry recently. One notable event was the burning of a massive 96 million SHIB tokens in a single transaction, which garnered widespread attention.
Moreover, the successful conclusion of a recent voting process within the Shiba Inu decentralized autonomous organization (DAO) on fund utilization further emphasized the community-driven nature of the ecosystem, likely boosting investor confidence.
Another contributing factor could be the launch of “Agent Shiboshi,” a new game developed within the Shiba Inu ecosystem on the iOS platform. As of now, SHIB is trading at $0.0000135, showing a 2% increase in the past 24 hours.
